FULLTEXT DEL 2 AV 3
10-Q – 2025-08-06 – wtfc-20250630.htm
For the three and six months ended June 30, 2025, the Company recognized approximately $ 22.3 million and $ 46.3 million of provision for credit losses, respectively, related to loans and lending agreements. The provision for each period was primarily the result of losses experienced in the Commercial, Commercial Real Estate and Premium Finance Receivables portfolios along with growth across various segments, which was offset by improved macroeconomic forecasts related to Baa credit spread and CRE Price Index. However, uncertainties remain regarding future economic performance and macroeconomic forecasts utilized in the measurement of the allowance for credit losses as of June 30, 2025, thus a macroeconomic uncertainty qualitative overlay continued to be applied in the second quarter of 2025, related to widening credit spreads. Net charge-offs in the three and six month periods ended June 30, 2025, totaled $ 13.3 million and $ 26.0 million, respectively. Held-to-maturity debt securities The allowance for credit losses on the Company’s held-to-maturity debt securities is presented as a reduction to the amortized cost basis of held-to-maturity securities on the Company's Consolidated Statements of Condition. For the three and six month periods ended June 30, 2025, the Company recognized approximately $( 48,000 ) and $( 59,000 ), respectively, of provision for credit losses related to held-to-maturity securities. At June 30, 2025, the Company did not identify any held-to-maturity debt securities within its portfolio that would require a charge-off. 19 Table of Contents Loan Modifications to Borrowers Experiencing Financial Difficulties The Company’s approach to restructuring or modifying loans is built on its credit risk rating system, which requires credit management personnel to assign a credit risk rating to each loan. In each case, the loan officer is responsible for recommending a credit risk rating for each loan and ensuring the credit risk ratings are appropriate. These credit risk ratings are then reviewed and approved by the bank’s chief credit officer and/or concurrence credit officer. Credit risk ratings are determined by evaluating a number of factors, including a borrower’s financial strength, cash flow coverage, collateral protection and guarantees. The Company’s credit risk rating scale is one through ten with higher scores indicating higher risk. In the case of loans rated six or worse following modification, the Company’s Managed Assets Division evaluates the loan and the credit risk rating and determines that the loan has been restructured to be reasonably assured of repayment and of performance according to the modified terms and is supported by a current, well-documented credit assessment of the borrower’s financial condition and prospects for repayment under the revised terms. Based on the Company’s credit risk rating system, it considers that borrowers whose credit risk rating is 5 or better are not experiencing financial difficulties. Restructurings may arise when, due to financial difficulties experienced by the borrower, the Company obtains through physical possession one or more collateral assets in satisfaction of all or part of an existing credit. Once possession is obtained, the Company reclassifies the appropriate portion of the remaining balance of the credit from loans to other real estate owned (“OREO”), which is included within other assets in the Consolidated Statements of Condition. For any residential real estate property collateralizing a consumer mortgage loan, the Company is considered to possess the related collateral only if legal title is obtained upon completion of foreclosure, or the borrower conveys all interest in the residential real estate property to the Company through completion of a deed in lieu of foreclosure or similar legal agreement. At June 30, 2025, the Company had no foreclosed residential real estate properties included within OREO. Further, the recorded investment in residential mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $ 58.2 million and $ 43.8 million at June 30, 2025 and 2024, respectively. The tables below presents a summary of the period-end balance of loans to borrowers experiencing financial difficulties during the three and six months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 (Dollars in thousands) Total Percentage of Total Class of Loan Extension of Term Reduction of Interest Rate Interest Only Payments Delay in Contractual Payments Extension of Term and Reduction of Interest Rate Commercial $ 35 0.0 % $ — $ 11 $ — $ — $ 24 Commercial real estate Construction and development — — — — — — — Non-construction — — — — — — — Home equity — — — — — — — Residential real estate 282 0.0 — 282 — — — Premium finance receivables—property & casualty 885 0.0 885 — — — — Total loans $ 1,202 0.0 % $ 885 $ 293 $ — $ — $ 24 Weighted Average Magnitude of Modifications: Three Months Ended June 30, 2025 (Dollars in thousands) Total Duration of Extension of Term (months) Reduction of Interest Rate (bps) Duration of Delay in Contractual Payments (months) Commercial $ 35 51 72 — Commercial real estate Construction and development — — — — Non-construction — — — — Home equity — — — — Residential real estate 282 — 123 — Premium finance receivables—property & casualty 885 12 — — Total loans $ 1,202 13 117 — 20 Table of Contents Three Months Ended June 30, 2024 (Dollars in thousands) Total Percentage of Total Class of Loan Extension of Term Reduction of Interest Rate Interest Only Payments Delay in Contractual Payments Extension of Term and Reduction of Interest Rate Commercial $ 2,161 0.0 % $ 2,010 $ — $ — $ 97 $ 54 Commercial real estate - Non-construction 340 0.0 21 — 319 — — Residential real estate 81 0.0 81 — — — — Premium finance receivables—property & casualty 6 0.0 3 3 — — — Total loans $ 2,588 0.0 % $ 2,115 $ 3 $ 319 $ 97 $ 54 Weighted Average Magnitude of Modifications: Three Months Ended June 30, 2024 (Dollars in thousands) Total Duration of Extension of Term (months) Reduction of Interest Rate (bps) Duration of Delay in Contractual Payments (months) Commercial $ 2,161 5 143 34 Commercial real estate - Non-construction 340 13 — 0 Residential real estate 81 12 — — Premium finance receivables—property & casualty 6 2 86 — Total loans $ 2,588 7 140 34 Six Months Ended June 30, 2025 (Dollars in thousands) Total Percentage of Total Class of Loan Extension of Term Reduction of Interest Rate Interest Only Payments Delay in Contractual Payments Extension of Term and Reduction of Interest Rate Commercial $ 12,732 0.2 % $ 12,465 $ 11 $ 31 $ — $ 225 Commercial real estate Construction and development — — — — — — — Non-construction — — — — — — — Home equity — — — — — — — Residential real estate 1,144 0.0 162 282 — — 700 Premium finance receivables—property & casualty 885 0.0 885 — — — — Total loans $ 14,761 0.0 $ 13,512 $ 293 $ 31 $ — $ 925 Weighted Average Magnitude of Modifications: Six Months Ended June 30, 2025 (Dollars in thousands) Total Duration of Extension of Term (months) Reduction of Interest Rate (bps) Duration of Delay in Contractual Payments (months) Commercial $ 12,732 10 50 — Commercial real estate Construction and development — — — — Non-construction — — — — Home equity — — — — Residential real estate 1,144 48 152 — Premium finance receivables—property & casualty 885 12 — — Total loans $ 14,761 12 138 — 21 Table of Contents Six Months Ended June 30, 2024 (Dollars in thousands) Total Percentage of Total Class of Loan Extension of Term Reduction of Interest Rate Interest Only Payments Delay in Contractual Payments Extension of Term and Reduction of Interest Rate Commercial $ 3,219 0.0 % $ 2,956 $ — $ — $ 97 $ 166 Commercial real estate - Non-construction 1,469 0.0 293 — 319 857 — Home equity 89 0.0 89 — — — — Residential real estate 282 0.0 114 168 — — — Premium finance receivables—property & casualty 6 0.0 3 3 — — — Total loans $ 5,065 0.0 % $ 3,455 $ 171 $ 319 $ 954 $ 166 Weighted Average Magnitude of Modifications: Six months ended June 30, 2024 (Dollars in thousands) Total Duration of Extension of Term (months) Reduction of Interest Rate (bps) Duration of Delay in Contractual Payments (months) Commercial $ 3,219 8 113 34 Commercial real estate - Non-construction 1,469 29 — 16 Home equity 89 12 — — Residential real estate 282 19 201 — Premium finance receivables—property & casualty $ 6 2 86 $ — Total loans $ 5,065 11 $ 156 18 The Company had commitments of $ 21.0 million and $ 5.1 million as of June 30, 2025 and June 30, 2024, respectively, to lend additional funds to borrowers experiencing financial difficulty and for whom the Company has modified the terms of loans in the form of principal forgiveness, an interest rate reduction, an other-than insignificant payment delay or a term extension during the periods presented. The following table presents a summary of all modified loans for borrowers experiencing financial difficulties and such loans that were in payment default under the restructured terms during the respective periods below: (Dollars in thousands) For the Twelve Months Ended June 30, 2025 Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 For the Twelve Months Ended June 30, 2024 Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Total Payments in Default (1) Payments in Default (1) Total Payments in Default (1) Payments in Default (1) Commercial $ 20,731 $ 11 $ 123 $ 4,685 $ 1,784 $ 1,784 Commercial real estate Construction and development — — — 2,486 — — Non-construction 752 — — 2,644 639 2,443 Home equity — — — 586 — — Residential real estate 1,144 — 700 417 384 384 Premium finance receivables—property & casualty 1,230 885 885 18 14 14 Total loans $ 23,857 $ 896 $ 1,708 $ 10,836 $ 2,821 $ 4,625 (1) Modified loans considered to be in payment default are over 30 days past due subsequent to the restructuring. 22 Table of Contents (8) Goodwill and Other Acquisition-Related Intangible Assets A summary of the Company’s goodwill assets by reporting unit is presented in the following table: (In thousands) December 31, 2024 Goodwill Acquired Impairment Loss Goodwill Adjustments June 30, 2025 Community banking $ 687,754 $ — $ — $ — $ 687,754 Specialty finance 37,193 — — 1,202 38,395 Wealth management 71,995 — — — 71,995 Total $ 796,942 $ — $ — $ 1,202 $ 798,144 The specialty finance unit’s goodwill increased $ 1.2 million in the first six months of 2025 as a result of foreign currency translation adjustments related to the prior Canadian acquisitions. The Company assesses each reporting unit’s goodwill for impairment on at least an annual basis and considers potential indicators of impairment at each reporting date between annual goodwill impairment tests. At October 1, 2024, the Company utilized a quantitative approach for its annual goodwill impairment tests of the community banking, specialty finance and wealth management reporting units and determined that no impairment existed at that time. At each reporting date between annual goodwill impairment tests, the Company considers potential indicators of impairment. The Company assessed whether events and circumstances resulted in it being more likely than not that the fair value of any reporting unit was less than its carrying value. Potential impairment indicators considered include the condition of the economy and banking industry; government intervention and regulatory updates; the impact of recent events to financial performance and cost factors of the reporting units; performance of the Company’s stock and other relevant events. At the conclusion of this assessment of all reporting units, the Company determined that as of June 30, 2025, it was more likely than not that the fair value of all reporting units exceeded the respective carrying value of such reporting unit. 23 Table of Contents A summary of acquisition-related intangible assets as of the dates shown and the expected amortization of finite-lived acquisition-related intangible assets as of June 30, 2025 is as follows: (In thousands) June 30, 2025 December 31, 2024 June 30, 2024 Community banking segment: Core deposit intangibles with finite lives: Gross carrying amount $ 158,106 $ 158,106 $ 55,206 Accumulated amortization ( 67,301 ) ( 56,784 ) ( 47,666 ) Net carrying amount $ 90,805 $ 101,322 $ 7,540 Trademark with indefinite lives: Carrying amount 13,800 13,800 5,800 Total net carrying amount $ 104,605 $ 115,122 $ 13,340 Specialty finance segment: Customer list intangibles with finite lives: Gross carrying amount $ 1,962 $ 1,959 $ 1,961 Accumulated amortization ( 1,915 ) ( 1,881 ) ( 1,861 ) Net carrying amount $ 47 $ 78 $ 100 Wealth management segment: Customer list and other intangibles with finite lives: Gross carrying amount $ 26,630 $ 26,630 $ 26,630 Accumulated amortization ( 20,787 ) ( 20,140 ) ( 19,463 ) Net carrying amount $ 5,843 $ 6,490 $ 7,167 Total acquisition-related intangible assets: Gross carrying amount $ 200,498 $ 200,495 $ 89,597 Accumulated amortization ( 90,003 ) ( 78,805 ) ( 68,990 ) Total other acquisition-related intangible assets, net $ 110,495 $ 121,690 $ 20,607 Estimated amortization Actual in six months ended June 30, 2025 $ 11,198 Estimated remaining in 2025 10,203 Estimated—2026 18,830 Estimated—2027 16,333 Estimated—2028 13,908 Estimated—2029 11,536 The core deposit intangibles recognized in connection with the Company’s bank acquisitions are amortized over a ten-year period on an accelerated basis. The customer list intangibles recognized in connection with the purchase of life insurance premium finance assets in 2009 are being amortized over an 18-year period on an accelerated basis. The customer list and other intangibles recognized in connection with prior acquisitions within the wealth management segment are being amortized over a period of up to ten years on a straight-line or accelerated basis. Indefinite-lived intangible assets consist of certain trade and domain names recognized in connection with prior acquisitions. As indefinite-lived intangible assets are not amortized, the Company assesses impairment on at least an annual basis. Total amortization expense associated with finite-lived acquisition-related intangibles totaled approximately $ 11.2 million and $ 2.3 million for the six months ended June 30, 2025 and 2024, respectively. 24 Table of Contents (9) Mortgage Servicing Rights (“MSRs”) The following is a summary of the changes in the carrying value of MSRs, accounted for at fair value, for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (In thousands) 2025 2024 2025 2024 Fair value at beginning of the period $ 196,307 $ 201,044 $ 203,788 $ 192,456 Additions from loans sold with servicing retained 6,336 8,223 11,005 13,602 Estimate of changes in fair value due to: Payoffs, paydowns and repurchases ( 5,616 ) ( 5,534 ) ( 10,252 ) ( 9,920 ) Changes in valuation inputs or assumptions ( 3,966 ) 877 ( 11,480 ) 8,472 Fair value at end of the period $ 193,061 $ 204,610 $ 193,061 $ 204,610 Unpaid principal balance of mortgage loans serviced for others $ 12,470,924 $ 12,211,027 The Company recognizes MSR assets upon the sale of residential real estate loans to external third parties when it retains the obligation to service the loans and the servicing fee is more than adequate compensation. MSRs are included in other assets in the Consolidated Statements of Condition. The initial recognition of MSR assets from loans sold with servicing retained and subsequent changes in fair value of all MSRs are recognized in mortgage banking revenue . MSRs are subject to changes in value from actual and expected prepayment of the underlying loans. The estimation of fair value related to MSRs is partly impacted by the Company exercising its early buyout options (“EBO”) on eligible loans previously sold to the Government National Mortgage Association (“GNMA”). Under such optional repurchase program, financial institutions acting as servicers are allowed to buy back from the securitized loan pool individual delinquent mortgage loans meeting certain criteria for which the institution was the original transferor of such loans. At the option of the servicer and without prior authorization from GNMA, the servicer may repurchase such delinquent loans for an amount equal to the remaining principal balance of the loan. At the time of such repurchase, any MSR value related to such loans is derecognized. The MSR asset fair value is determined by using a discounted cash flow model that incorporates the objective characteristics of the portfolio as well as subjective valuation parameters that purchasers of servicing would apply to such portfolios sold into the secondary market. The subjective factors include loan prepayment speeds, discount rates, servicing costs and other economic factors. The Company uses a third party to assist in the valuation of MSRs. Periodically, the Company will purchase options for the right to purchase securities not currently held within the banks’ investment portfolios or enter into interest rate swaps in which the Company elects not to designate such derivatives as hedging instruments. These option and swap transactions are designed primarily to economically hedge a portion of the fair value adjustments related to the Company’s MSRs. The gain or loss associated with these derivative contracts is included in mortgage banking revenue. For more information regarding these hedges outstanding as of June 30, 2025 and June 30, 2024, see Note (14) “Derivative Financial Instruments” in Item 1 of this report. 25 Table of Contents (10) Deposits The following table is a summary of deposits as of the dates shown: (Dollars in thousands) June 30, 2025 December 31, 2024 June 30, 2024 Balance: Non-interest-bearing $ 10,877,166 $ 11,410,018 $ 10,031,440 NOW and interest-bearing demand deposits 6,795,725 5,865,546 5,053,909 Wealth management deposits 1,595,764 1,469,064 1,490,711 Money market 19,556,041 17,975,191 16,320,017 Savings 6,659,419 6,372,499 5,882,179 Time certificates of deposit 10,332,696 9,420,031 9,270,770 Total deposits $ 55,816,811 $ 52,512,349 $ 48,049,026 Mix: Non-interest-bearing 19 % 22 % 21 % NOW and interest-bearing demand deposits 12 11 11 Wealth management deposits 3 3 3 Money market 35 34 34 Savings 12 12 12 Time certificates of deposit 19 18 19 Total deposits 100 % 100 % 100 % Wealth management deposits represent deposit balances (primarily money market accounts) at the Company’s subsidiary banks from brokerage customers of Wintrust Investments, LLC (“Wintrust Investments”), Chicago Deferred Exchange Company (“CDEC”) and trust and asset management customers of the Company. (11) FHLB Advances, Other Borrowings and Subordinated Notes The following table is a summary of FHLB advances, other borrowings and subordinated notes as of the dates shown: (In thousands) June 30, 2025 December 31, 2024 June 30, 2024 FHLB advances $ 3,151,309 $ 3,151,309 $ 3,176,309 Other borrowings: Notes payable 128,500 142,763 157,024 Secured borrowings 440,558 334,934 391,395 Other 56,334 57,106 58,160 Total other borrowings 625,392 534,803 606,579 Subordinated notes 298,458 298,283 298,113 Total FHLB advances, other borrowings and subordinated notes $ 4,075,159 $ 3,984,395 $ 4,081,001 Descriptions of the Company’s FHLB advances, other borrowings, and subordinated notes are included in Note (11) “Federal Home Loan Bank Advances,” Note (12) “Subordinated Notes” and Note (13) “Other Borrowings” of the 2024 Form 10-K. Notes Payable Notes payable balances represent the balances on the Company’s credit agreement with certain unaffiliated banks. At June 30, 2025, the outstanding principal balance under the term loan facility was $ 128.5 million and there was no outstanding balance under the revolving credit facility. Borrowings under notes payable are secured by pledges of and first priority perfected security interests in the Company’s equity interest in its bank subsidiaries and contain several restrictive covenants, including the maintenance of various capital adequacy levels, asset quality and profitability ratios, and certain restrictions on dividends and other indebtedness. At June 30, 2025, the Company was in compliance with all such covenants. 26 Table of Contents Secured Borrowings The balance of secured borrowings primarily represents a third party Canadian transaction (“Canadian Secured Borrowing”). Under the Canadian Secured Borrowing, the Company, through its subsidiary, FIFC Canada, sells an undivided co-ownership interest in all receivables owed to FIFC Canada to an unrelated third party in exchange for cash payments pursuant to a receivables purchase agreement (“Receivables Purchase Agreement”). On August 29, 2024, the Company entered into the Twelfth Amending Agreement to the Receivables Purchase Agreement dated as of December 16, 2014. The amended Receivables Purchase Agreement provides for, among other things, an extension of the maturity date to December 15, 2025 and an increase to the facility limit from C$ 520 million to C$ 650 million. At June 30, 2025, the translated balance of the secured borrowings totaled $ 426.2 million compared to $ 323.2 million at December 31, 2024 and $ 380.3 million at June 30, 2024. The interest rate under the Receivables Purchase Agreement is the Canadian Commercial Paper Rate plus fee rate of 0.825 %. The remaining $ 14.4 million, $ 11.7 million and $ 11.1 million within secured borrowings at June 30, 2025, December 31, 2024 and June 30, 2024, respectively, represent other sold interests in certain loans by the Company that were not considered sales and, as such, related proceeds received are reflected on the Company’s Consolidated Statements of Condition as a secured borrowing owed to the various unrelated third parties. Other Borrowings Other borrowings represent a promissory note (“Promissory Note”) issued by the Company in June 2017. Subsequent amendments to the Promissory Note since issuance increased the principal amount to $ 66.4 million, changed the interest rate to a floating rate equal to 1-month CME Term SOFR plus a spread of 1.40 % and extended the maturity date to March 31, 2028. The Promissory Note contains several restrictive covenants, including the maintenance of various capital adequacy levels, asset quality and profitability ratios, and certain restrictions on dividends and indebtedness. At June 30, 2025, the Company was in compliance with all such covenants. Subordinated Notes At June 30, 2025, the Company had outstanding subordinated notes totaling $ 298.5 million compared to $ 298.3 million and $ 298.1 million at December 31, 2024 and June 30, 2024, respectively. The notes issued in 2019 have a stated interest rate of 4.85 % and mature in June 2029. In the second quarter of 2024, the Company repaid the $ 140.0 million of subordinated notes issued in 2014. The notes had a stated interest rate of 5.00 % and matured in June 2024. (12) Junior Subordinated Debentures The following table provides a summary of the Company’s junior subordinated debentures as of June 30, 2025. The junior subordinated debentures represent the par value of the obligations owed to the Trusts. 27 Table of Contents (Dollars in thousands) Common Securities Trust Preferred Securities Junior Subordinated Debentures Rate Structure (1) Contractual Rate at 6/30/2025 Issue Date Maturity Date Earliest Redemption Date Wintrust Capital Trust III $ 774 $ 25,000 $ 25,774 S+ 0.26161 + 3.25 7.77 % 04/2003 04/2033 04/2008 Wintrust Statutory Trust IV 619 20,000 20,619 S+ 0.26161 + 2.80 7.36 % 12/2003 12/2033 12/2008 Wintrust Statutory Trust V 1,238 40,000 41,238 S+ 0.26161 + 2.60 7.16 % 05/2004 05/2034 06/2009 Wintrust Capital Trust VII 1,550 50,000 51,550 S+ 0.26161 + 1.95 6.53 % 12/2004 03/2035 03/2010 Wintrust Capital Trust VIII 1,238 25,000 26,238 S+ 0.26161 + 1.45 6.01 % 08/2005 09/2035 09/2010 Wintrust Capital Trust IX 1,547 50,000 51,547 S+ 0.26161 + 1.63 6.21 % 09/2006 09/2036 09/2011 Northview Capital Trust I 186 6,000 6,186 S+ 0.26161 + 3.00 7.54 % 08/2003 11/2033 08/2008 Town Bankshares Capital Trust I 186 6,000 6,186 S+ 0.26161 + 3.00 7.54 % 08/2003 11/2033 08/2008 First Northwest Capital Trust I 155 5,000 5,155 S+ 0.26161 + 3.00 7.56 % 05/2004 05/2034 05/2009 Suburban Illinois Capital Trust II 464 15,000 15,464 S+ 0.26161 + 1.75 6.33 % 12/2006 12/2036 12/2011 Community Financial Shares Statutory Trust II 109 3,500 3,609 S+ 0.26161 + 1.62 6.20 % 06/2007 09/2037 06/2012 Total $ 253,566 6.76 % (1) The interest rates on the variable rate junior subordinated debentures are based on the three-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) and reset on a quarterly basis. The junior subordinated debentures totaled $ 253.6 million at June 30, 2025, December 31, 2024 and June 30, 2024. At June 30, 2025, the weighted average contractual interest rate on the junior subordinated debentures was 6.76 %. (13) Segment Information The Company’s operations consist of three primary segments: community banking, specialty finance and wealth management. The three reportable segments are strategic business units that are separately managed as they offer different products and services and have different marketing strategies. In addition, each segment’s customer base has varying characteristics and each segment has a different regulatory environment. While the Company’s management monitors each of the sixteen bank subsidiaries’ operations and profitability separately, these subsidiaries have been aggregated into one reportable operating segment due to the similarities in products and services, customer base, operations, profitability measures, and economic characteristics. For purposes of internal segment profitability, management allocates certain intersegment and parent company balances. Management allocates a portion of revenues to the specialty finance segment related to loans and leases originated by the specialty finance segment and sold or assigned to the community banking segment. Similarly, for purposes of analyzing the contribution from the wealth management segment, management allocates a portion of the net interest income earned by the community banking segment on deposit balances of customers of the wealth management segment to the wealth management segment. See Note (10) “Deposits” in Item 1 of this report for more information on these deposits. Finally, expenses incurred at the Wintrust parent company are allocated to each segment based on each segment’s risk-weighted assets. The segment financial information provided in the following table has been derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. The accounting policies of the segments are substantially similar to those described in Note (1) “Summary of Significant Accounting Policies” of the 2024 Form 10-K. Our Chief Executive Officer is our chief operating decision maker (“CODM”). The CODM uses income before taxes to review segment performance and allocate resources for each reportable segment. Financial information regarding each significant segment expense outlined below is regularly provided (at least monthly) to the CODM. For community banking and specialty finance segments, ‘Interest expense’ is a significant segment expense. Additionally, for each of the three reportable segments, ‘Salaries’, ‘Commissions and incentive compensation’ and ‘Benefits’ are significant segment expenses. 28 Table of Contents The following is a summary of certain operating information for reportable segments: (In thousands) Community Banking Specialty Finance Wealth Management Total Operating Segments Intersegment Eliminations Consolidated Three Months Ended June 30, 2025: Interest income $ 800,316 $ 102,737 $ 4,964 $ 908,017 $ 12,891 $ 920,908 Interest expense 363,660 10,427 127 374,214 — 374,214 Net interest income 436,656 92,310 4,837 533,803 12,891 546,694 Provision for credit losses 20,478 1,756 — 22,234 — 22,234 Non-interest income 75,498 33,524 39,538 148,560 ( 24,471 ) 124,089 Non-interest expense: Salaries 96,902 15,638 10,103 122,643 531 123,174 Commissions and incentive compensation 33,325 9,976 12,570 55,871 — 55,871 Benefits 32,107 5,906 2,483 40,496 — 40,496 Other segment expenses (1) 139,710 25,090 9,231 174,031 ( 12,111 ) 161,920 Total non-interest expense 302,044 56,610 34,387 393,041 ( 11,580 ) 381,461 Income before taxes 189,632 67,468 9,988 267,088 — 267,088 Income tax expense 50,499 18,672 2,390 71,561 — 71,561 Net income $ 139,133 $ 48,796 $ 7,598 $ 195,527 $ — $ 195,527 Total assets at period end $ 55,924,843 $ 12,062,568 $ 995,907 $ 68,983,318 $ — $ 68,983,318 Three Months Ended June 30, 2024: Interest income $ 725,514 $ 107,650 $ 8,156 $ 841,320 $ 8,659 $ 849,979 Interest expense 366,682 12,459 228 379,369 — 379,369 Net interest income 358,832 95,191 7,928 461,951 8,659 470,610 Provision for credit losses 36,325 3,736 — 40,061 — 40,061 Non-interest income 71,619 32,317 35,605 139,541 ( 18,394 ) 121,147 Non-interest expense: Salaries 88,294 15,747 9,431 113,472 388 113,860 Commissions and incentive compensation 31,251 8,580 12,320 52,151 — 52,151 Benefits 25,546 4,601 2,383 32,530 — 32,530 Other segment expenses (1) 121,123 22,314 8,498 151,935 ( 10,123 ) 141,812 Total non-interest expense 266,214 51,242 32,632 350,088 ( 9,735 ) 340,353 Income before taxes 127,912 72,530 10,901 211,343 — 211,343 Income tax expense 36,677 19,439 2,839 58,955 — 58,955 Net income $ 91,235 $ 53,091 $ 8,062 $ 152,388 $ — $ 152,388 Total assets at period end $ 47,611,508 $ 11,014,840 $ 1,155,168 $ 59,781,516 $ — $ 59,781,516 (1) Other segment items include non-interest expense categories such as ‘Software & Equipment’, ‘Data processing’, ‘Advertising and Marketing’, ‘FDIC Insurance’, and ‘Occupancy’. See “Non-Interest Expense” under Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of this Form 10-Q for further discussion on non-interest expense. 29 Table of Contents (In thousands) Community Banking Specialty Finance Wealth Management Total Operating Segments Intersegment Eliminations Consolidated Six Months Ended June 30, 2025: Interest income $ 1,569,284 $ 204,435 $ 10,495 $ 1,784,214 $ 23,659 $ 1,807,873 Interest expense 713,617 20,818 270 734,705 — 734,705 Net interest income 855,667 183,617 10,225 1,049,509 23,659 1,073,168 Provision for credit losses 42,906 3,291 — 46,197 — 46,197 Non-interest income 148,991 64,563 73,328 286,882 ( 46,159 ) 240,723 Non-interest expense: Salaries 195,488 31,400 19,207 246,095 996 247,091 Commissions and incentive compensation 65,462 19,017 23,928 108,407 — 108,407 Benefits 59,481 10,624 5,464 75,569 — 75,569 Other segment expenses (1) 272,200 48,535 19,245 339,980 ( 23,496 ) 316,484 Total non-interest expense 592,631 109,576 67,844 770,051 ( 22,500 ) 747,551 Income before taxes 369,121 135,313 15,709 520,143 — 520,143 Income tax expense 95,718 36,224 3,635 135,577 — 135,577 Net income $ 273,403 $ 99,089 $ 12,074 $ 384,566 $ — $ 384,566 Six Months Ended June 30, 2024: Interest income $ 1,417,411 $ 202,794 $ 16,159 $ 1,636,364 $ 19,128 $ 1,655,492 Interest expense 694,894 25,321 473 720,688 — 720,688 Net interest income 722,517 177,473 15,686 915,676 19,128 934,804 Provision for credit losses 56,717 5,017 — 61,734 — 61,734 Non-interest income 146,255 59,634 94,090 299,979 ( 38,252 ) 261,727 Non-interest expense: Salaries 174,976 30,285 19,873 225,134 898 226,032 Commissions and incentive compensation 61,033 17,219 24,900 103,152 — 103,152 Benefits 50,222 8,915 5,393 64,530 — 64,530 Other segment expenses (1) 237,723 45,095 16,988 299,806 ( 20,022 ) 279,784 Total non-interest expense 523,954 101,514 67,154 692,622 ( 19,124 ) 673,498 Income before taxes 288,101 130,576 42,622 461,299 — 461,299 Income tax expense 76,819 34,962 9,836 121,617 — 121,617 Net income $ 211,282 $ 95,614 $ 32,786 $ 339,682 $ — $ 339,682 (1) Other segment items include non-interest expense categories such as ‘Software & Equipment’, ‘Data processing’, ‘Advertising and Marketing’, ‘FDIC Insurance’, and ‘Occupancy’. See “Non-Interest Expense” under Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of this Form 10-Q for further discussion on non-interest expense. (14) Derivative Financial Instruments The Company primarily enters into derivative financial instruments as part of its strategy to manage its exposure to changes in interest rates. Derivative instruments represent contracts between parties that result in one party delivering cash to the other party based on a notional amount and an underlying term (such as a rate, security price or price index or commodity price) as specified in the contract. The amount of cash delivered from one party to the other is determined based on the interaction of the notional amount of the contract with the underlying term. Derivatives are also implicit in certain contracts and commitments. The derivative financial instruments currently used by the Company to manage its exposure to interest rate risk include: (1) interest rate swaps and collars to manage the interest rate risk of certain fixed and variable rate assets and variable rate liabilities; (2) interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market; (3) forward commitments for the future delivery of such mortgage loans to protect the Company from adverse changes in interest rates and corresponding changes in the value of mortgage loans held-for-sale; (4) covered call options to economically hedge specific investment securities and receive fee income, effectively enhancing the overall yield on such securities to compensate for net interest margin compression; and (5) options and swaps to economically hedge a portion of the fair value adjustments related to the Company’s mortgage servicing rights portfolio. The Company also enters into derivatives (typically interest rate swaps and commodity forward contracts) with certain qualified borrowers to facilitate the borrowers’ risk 30 Table of Contents management strategies and concurrently enters into mirror-image derivatives with a third party counterparty, effectively making a market in the derivatives for such borrowers. Additionally, the Company enters into foreign currency contracts to manage foreign exchange risk associated with certain foreign currency denominated assets. The Company recognizes derivative financial instruments in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. The Company records derivative assets and derivative liabilities on the Consolidated Statements of Condition within accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively. Changes in the fair value of derivative financial instruments are either recognized in income or in shareholders’ equity as a component of accumulated other comprehensive income or loss depending on whether the derivative financial instrument qualifies for hedge accounting and, if so, whether it qualifies as a fair value hedge or cash flow hedge. Changes in fair values of derivatives accounted for as fair value hedges are recorded in income in the same period and in the same income statement line as changes in the fair values of the hedged items that relate to the hedged risk(s). Changes in fair values of derivative financial instruments accounted for as cash flow hedges are recorded as a component of accumulated other comprehensive income or loss, net of deferred taxes, and reclassified to earnings when the hedged transaction affects earnings. Changes in fair values of derivative financial instruments not designated in a hedging relationship pursuant to ASC 815 are reported in non-interest income during the period of the change. Derivative financial instruments are valued by a third party and are corroborated by comparison with valuations provided by the respective counterparties. Fair values of certain mortgage banking derivatives (interest rate lock commitments and forward commitments to sell mortgage loans) are estimated based on changes in mortgage interest rates from the date of the loan commitment. The fair value of foreign currency derivatives is computed based on changes in foreign currency rates stated in the contract compared to those prevailing at the measurement date. Commodity derivative fair values are computed based on changes in the price per unit stated in the contract compared to those prevailing at the measurement date. The table below presents the fair value of the Company’s derivative financial instruments as of June 30, 2025, December 31, 2024 and June 30, 2024: Derivative Assets Derivative Liabilities (In thousands) June 30, 2025 December 31, 2024 June 30, 2024 June 30, 2025 December 31, 2024 June 30, 2024 Derivatives designated as hedging instruments under ASC 815: Interest rate derivatives designated as Cash Flow Hedges $ 57,245 $ 7,329 $ 7,532 $ 11,314 $ 56,084 $ 96,825 Interest rate derivatives designated as Fair Value Hedges 6,207 10,001 12,678 549 87 — Total derivatives designated as hedging instruments under ASC 815 $ 63,452 $ 17,330 $ 20,210 $ 11,863 $ 56,171 $ 96,825 Derivatives not designated as hedging instruments under ASC 815: Interest rate derivatives $ 144,350 $ 177,553 $ 215,275 $ 141,880 $ 183,799 $ 217,157 Interest rate lock commitments 5,548 1,950 4,795 — 18 67 Forward commitments to sell mortgage loans 4,028 1,297 102 4,048 88 597 Commodity forward contracts 119 766 702 42 583 304 Foreign exchange contracts 3,609 1,131 2,776 3,569 1,091 2,709 Total derivatives not designated as hedging instruments under ASC 815 $ 157,654 $ 182,697 $ 223,650 $ 149,539 $ 185,579 $ 220,834 Total Derivatives $ 221,106 $ 200,027 $ 243,860 $ 161,402 $ 241,750 $ 317,659 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to net interest income and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and interest rate collars as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts to or from a counterparty in exchange for the Company receiving or paying fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the settlement of amounts in which the interest rate specified in the contract exceeds the agreed upon cap strike rate or in which the interest rate specified in the contract is below the agreed upon floor strike rate at the end of each period. 31 Table of Contents As of June 30, 2025, the Company had various interest rate collar and swap derivatives designated as cash flow hedges of variable rate loans. When the relationship between the hedged item and hedging instrument is highly effective at achieving offsetting changes in cash flows attributable to the hedged risk, changes in the fair value of these cash flow hedges are recorded in accumulated other comprehensive income or loss and are subsequently reclassified to interest income as interest payments are made on such variable rate loans. The changes in fair value (net of tax) are separately disclosed in the Consolidated Statements of Comprehensive Income. The table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of June 30, 2025: June 30, 2025 Notional Fair Value (In thousands) Amount Asset (Liability) Interest Rate Collars at 1-month CME term SOFR: Buy 2.250 % floor, sell 3.743 % cap; matures September 2025 $ 1,250,000 $ ( 1,226 ) Buy 2.750 % floor, sell 4.320 % cap; matures October 2026 500,000 449 Buy 2.000 % floor, sell 3.450 % cap; matures September 2027 1,250,000 ( 7,726 ) Interest Rate Swaps at 1-month CME term SOFR: Fixed 3.748 %; matures December 2025 250,000 ( 471 ) Fixed 3.759 %; matures December 2025 250,000 ( 457 ) Fixed 3.680 %; matures February 2026 250,000 ( 567 ) Fixed 4.176 %; matures March 2026 250,000 268 Fixed 3.915 %; matures March 2026 250,000 ( 165 ) Fixed 4.450 %; matures July 2026 250,000 1,580 Fixed 3.515 %, matures December 2026 250,000 ( 184 ) Fixed 3.512 %; matures December 2026 250,000 ( 196 ) Fixed 3.453 %; matures February 2027 250,000 ( 323 ) Fixed 4.150 %; matures July 2027 250,000 3,452 Fixed 3.748 %; matures March 2028 250,000 2,419 Fixed 3.526 %; matures March 2028 250,000 989 Fixed 3.993 %; matures October 2029 350,000 9,003 Fixed 4.245 %; matures November 2029 350,000 12,747 Fixed 3.300 %; matures November 2029 (1) 250,000 254 Fixed 3.816 %; matures November 2030 (1) 250,000 7,683 Fixed 3.551 %; matures November 2030 (1) 250,000 514 Fixed 3.950 %; matures February 2031 (2) 250,000 7,235 Fixed 4.250 %; matures February 2031 (2) 250,000 10,653 Total Cash Flow Hedges $ 7,950,000 $ 45,931 (1) Represents interest rate swaps that have effective starting dates of November 1, 2025. (2) Represents interest rate swaps that have effective starting dates of February 1, 2026. In the first quarter of 2022, the Company terminated interest rate swap derivative contracts designated as cash flow hedges of variable rate deposits with a total notional value of $ 1.0 billion and a five-year term effective July 2022. At the time of termination, the fair value of the derivative contracts totaled an asset of $ 66.5 million, with such adjustments to fair value recorded in accumulated other comprehensive income or loss. In the second quarter of 2022, the Company terminated one additional interest rate swap derivative contract designated as a cash flow hedge of variable rate deposits with a total notional value of $ 500.0 million effective since April 2020. The remaining term of such derivative contract was through April 2024 and, at the time of termination, the fair value of the derivative contract totaled assets of $ 10.7 million, with such adjustments to fair value recorded in accumulated other comprehensive income or loss. For all such terminations, as the hedged forecasted transactions (interest payments on variable rate deposits) are still expected to occur over the remaining term of such terminated derivatives, such adjustments will remain in accumulated other comprehensive income or loss and be reclassified as a reduction to interest expense on a straight-line basis over the original term of the terminated derivative contracts. 32 Table of Contents A rollforward of the amounts in accumulated other comprehensive income or loss related to interest rate derivatives designated as cash flow hedges, including such derivative contracts terminated during the period, follows: Three Months Ended Six Months Ended (In thousands) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Unrealized gain (loss) at beginning of period $ 42,565 $ ( 38,553 ) $ ( 15,508 ) $ 43,538 Amount reclassified from accumulated other comprehensive income or loss to interest income or expense on deposits, loans, and other borrowings 4,890 20,524 10,636 40,342 Amount of gain (loss) recognized in other comprehensive income or loss 25,074 ( 31,367 ) 77,401 ( 133,276 ) Unrealized gain (loss) at end of period $ 72,529 $ ( 49,396 ) $ 72,529 $ ( 49,396 ) As of June 30, 2025, the Company estimated that during the next 12 months $ 2.2 million will be reclassified from accumulated other comprehensive income or loss as a decrease to net interest income. Such estimate consists of $ 13.3 million reclassified as a reduction to interest expense on the terminated cash flow hedges discussed above and $ 15.5 million reclassified as a reduction to interest income related to the interest rate collars and swaps noted above that remain outstanding. Fair Value Hedges of Interest Rate Risk Interest rate swaps designated as fair value hedges involve the payment of fixed amounts to a counterparty in exchange for the Company receiving variable payments over the life of the agreements without the exchange of the underlying notional amount. As of June 30, 2025, the Company had 13 interest rate swaps with an aggregate notional amount of $ 143.1 million that were designated as fair value hedges primarily associated with fixed rate commercial and industrial and commercial real estate loans as well as life insurance premium finance receivables. For derivatives designated and that qualify as fair value hedges, the net gain or loss from the entire change in the fair value of the derivative instrument is recognized in the same income statement line item as the earnings effect, including the net gain or loss, of the hedged item (interest income earned on fixed rate loans) when the hedged item affects earnings. The following table presents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value hedge accounting relationship as of June 30, 2025: (In thousands) June 30, 2025 Derivatives in Fair Value Hedging Relationships Location in the Statement of Condition Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/(Liabilities) for which Hedge Accounting has been Discontinued Interest rate swaps Loans, net of unearned income $ 136,963 $ ( 5,624 ) $ ( 44 ) Available-for-sale debt securities 532 ( 4 ) — The following table presents the loss or gain recognized related to derivative instruments that are designated as fair value hedges for the respective period: (In thousands) Derivatives in Fair Value Hedging Relationships Location of (Loss)/Gain Recognized in Income on Derivative Three Months Ended Six Months Ended June 30, 2025 June 30, 2025 Interest rate swaps Interest and fees on loans $ ( 3 ) $ ( 6 ) Non-Designated Hedges The Company does not use derivatives for speculative purposes. Derivatives not designated as accounting hedges are used to manage the Company’s economic exposure to interest rate movements and other identified risks but do not meet the strict 33 Table of Contents hedge accounting requirements of ASC 815. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. Interest Rate Derivatives —Periodically, the Company may purchase interest rate cap derivatives designed to act as an economic hedge of the risk of the negative impact on its fixed-rate loan portfolios from rising interest rates. As of June 30, 2025, there were no interest rate caps outstanding that were designed to act as an economic hedge. Additionally, the Company has interest rate derivatives, including swaps and option products, resulting from a service the Company provides to certain qualified borrowers. The Company’s banking subsidiaries execute certain derivative products (typically interest rate swaps) directly with qualified commercial borrowers to facilitate their respective risk management strategies. For example, these arrangements allow the Company’s commercial borrowers to effectively convert a variable rate loan to a fixed rate. In order to minimize the Company’s exposure on these transactions, the Company simultaneously executes offsetting derivatives with third parties. In most cases, the offsetting derivatives have mirror-image terms, which result in the positions’ changes in fair value substantially offsetting through earnings each period. However, to the extent that the derivatives are not a mirror-image and because of differences in counterparty credit risk, changes in fair value will not completely offset resulting in some earnings impact each period. Changes in the fair value of these derivatives are included in other non-interest income. At June 30, 2025 and December 31, 2024, the Company had interest rate derivative transactions with an aggregate notional amount of approximately $ 13.7 billion and $ 13.3 billion, respectively, (all interest rate swaps and caps with customers and third parties) related to this program. At June 30, 2025 these interest rate derivatives had maturity dates ranging from July 2025 to January 2037. Mortgage Banking Derivatives— These derivatives include interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market and forward commitments for the future delivery of such loans. It is the Company’s practice to enter into forward commitments for the future delivery of a portion of its residential mortgage loan production when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rates on its commitments to fund the loans as well as on its portfolio of mortgage loans held-for-sale. The Company’s mortgage banking derivatives have not been designated as being in hedge relationships. At June 30, 2025 and December 31, 2024, the Company had interest rate lock commitments with an aggregate notional amount of approximately $ 201.0 million and $ 120.7 million, and forward commitments to sell mortgage loans with an aggregate notional amount of approximately $ 467.9 million and $ 377.5 million, respectively. The fair values of these derivatives were estimated based on changes in mortgage rates from the dates of the commitments. Changes in the fair value of these mortgage banking derivatives are included in mortgage banking revenue. Commodity Derivatives— The Company has commodity forward contracts resulting from a service the Company provides to certain qualified borrowers. The Company’s banking subsidiaries execute certain derivative products directly with qualified commercial borrowers to facilitate their respective risk management strategies. For example, these arrangements allow the Company’s commercial borrowers to effectively purchase or sell a given commodity at an agreed-upon price on an agreed-upon settlement date. In order to minimize the Company’s exposure on these transactions, the Company simultaneously executes offsetting derivatives with third parties. In most cases, the offsetting derivatives have mirror-image terms, which result in the positions’ changes in fair value substantially offsetting through earnings each period. However, to the extent that the derivatives are not a mirror-image and because of differences in counterparty credit risk, changes in fair value will not completely offset resulting in some earnings impact each period. Changes in the fair value of these derivatives are included in other non-interest income. At June 30, 2025 and December 31, 2024, the Company had commodity derivative transactions with an aggregate notional amount of approximately $ 2.1 million and $ 5.2 million, respectively, (all forward contracts with customers and third parties) related to this program. At June 30, 2025, these commodity derivatives had maturity dates ranging from July 2025 to October 2027. Foreign Currency Derivatives— The Company has foreign currency derivative contracts resulting from a service the Company provides to certain qualified customers. The Company’s banking subsidiaries execute certain derivative products directly with qualified customers to facilitate their respective risk management strategies related to foreign currency fluctuations. For example, these arrangements allow the Company’s customers to effectively exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date. In order to minimize the Company’s exposure on these transactions, the Company simultaneously executes offsetting derivatives with third parties. In most cases, the offsetting derivatives have mirror-image terms, which result in the positions’ changes in fair value substantially offsetting through earnings each period. However, to the extent that the derivatives are not a mirror-image and because of differences in counterparty credit risk, changes in fair value will not completely offset resulting in some earnings impact each period. Changes in the fair value of these derivatives are included in other non-interest income. As of June 30, 2025 and December 31, 2024, the Company held foreign currency derivatives with an aggregate notional amount of approximately $ 117.5 million and $ 97.1 million, respectively. 34 Table of Contents Other Derivatives— Periodically, the Company will sell options to a bank or dealer for the right to purchase certain securities held within the banks’ investment portfolios (covered call options). These option transactions are designed to increase the total return associated with the investment securities portfolio. These options do not qualify as accounting hedges pursuant to ASC 815 and, accordingly, changes in the fair value of these contracts are recognized as other non-interest income. There were no covered call options outstanding as of June 30, 2025, December 31, 2024 or June 30, 2024. Periodically, the Company will purchase options for the right to purchase securities not currently held within the banks’ investment portfolios or enter into interest rate swaps in which the Company elects to not designate such derivatives as hedging instruments. These option and swap transactions are designed primarily to economically hedge a portion of the fair value adjustments related to the Company’s mortgage servicing rights portfolio. The gain or loss associated with these derivative contracts are included in mortgage banking revenue. The Company held eight interest rate derivatives with an aggregate notional value of $ 330.0 million at June 30, 2025 and ten interest rate derivatives with an aggregate notional value of and $ 295.0 million at December 31, 2024, for such purpose of economically hedging a portion of the fair value adjustment related to its mortgage servicing rights portfolio. Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows: (In thousands) Three Months Ended Six Months Ended Derivative Location in income statement June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Interest rate swaps and caps Trading gains, net $ 85 $ ( 102 ) $ ( 32 ) $ 493 Mortgage banking derivatives Mortgage banking revenue ( 324 ) 3,721 3,317 3,706 Commodity contracts Trading gains, net ( 37 ) 130 77 398 Foreign exchange contracts Trading gains, net 65 11 73 19 Covered call options Fees from covered call options 5,624 2,056 9,070 6,903 Derivative contract held as economic hedge on MSRs Mortgage banking revenue 2,535 ( 772 ) 7,432 ( 3,349 ) Credit Risk Derivative instruments have inherent risks, primarily market risk and credit risk. Market risk is associated with changes in the value of an underlying asset. Credit risk relates to the risk that the counterparty will fail to perform according to the terms of the agreement. The Company is exposed to the credit risk of its commercial borrowers and third party financial institutions who are counterparties to interest rate derivatives with the Company. The counterparty credit risk associated with the mirror-image swaps executed with third party financial institutions is monitored and managed as part of the Company’s overall asset-liability management process, except that the counterparty credit risk related to derivatives entered into with certain qualified borrowers is managed through the Company’s standard loan underwriting process for commercial borrowers since these derivatives typically share in the collateral provided by the loan agreements. When deemed necessary, appropriate types and amounts of collateral are obtained to minimize credit exposure. The Company hedges the market risk of derivatives transactions with commercial borrowers by entering into offsetting transactions with large, highly rated financial institutions. These exposures are generally secured by cash under bilateral Credit Support Annexes, which are a component of the ISDA Master Agreements executed with counterparties. Aggregate counterparty exposures are monitored against various types of credit limits established to contain risk within parameters. Counterparty credit risk is managed by the Counterparty Credit Risk Management team in accordance with SR 11-10, Interagency Counterparty Credit Risk Management Guidance , which was issued in 2011 in response to the financial crisis of 2008. The guidance addresses counterparty credit risk governance, measurement, management, and systems. Specifically, counterparty risk is managed through the establishment and regular review of exposure limits, formalization of limits in policy and procedure, ongoing review of models, and having a single platform to allow for the timely aggregation of exposures. The Counterparty Credit Risk Management team uses a variety of approaches to monitor counterparty financial performance, including monitoring of credit exposure versus limits, use of early warning reports, and daily and intraday monitoring of financial developments. 35 Table of Contents The Company has agreements with certain of its interest rate derivative counterparties that contain cross-default provisions, which provide that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain of its derivative counterparties that contain a provision allowing the counterparty to terminate the derivative positions if the Company fails to maintain its status as a well or adequately capitalized institution, which would require the Company to settle its obligations under the agreements. If the Company were to breach any of these provisions, at a time when the derivatives subject to such agreements are in a liability position, and the derivatives were to be terminated as a result, the Company would be required to settle its obligations under the agreements at the termination value and would be required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. As of June 30, 2025, there were $ 45,000 of derivatives that were subject to such agreements in a net liability position. The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative assets and liabilities on the Consolidated Statements of Condition. The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown. Derivative Assets Derivative Liabilities Fair Value Fair Value (In thousands) June 30, 2025 December 31, 2024 June 30, 2024 June 30, 2025 December 31, 2024 June 30, 2024 Gross Amounts Recognized $ 207,802 $ 194,883 $ 235,485 $ 153,743 $ 239,970 $ 313,982 Gross amounts not offset in the Statements of Condition Offsetting Derivative Positions ( 68,680 ) ( 74,656 ) ( 114,662 ) ( 68,680 ) ( 74,656 ) ( 114,662 ) Collateral Posted ( 67,753 ) ( 78,550 ) ( 85,762 ) — — — Net Credit Exposure $ 71,369 $ 41,677 $ 35,061 $ 85,063 $ 165,314 $ 199,320 (15) Fair Value of Assets and Liabilities The Company measures, monitors and discloses certain of its assets and liabilities on a fair value basis. These financial assets and financial liabilities are measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are: • Level 1—unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 — inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3—significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. A financial instrument’s categorization within the above valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the assets or liabilities. The following is a description of the valuation methodologies used for the Company’s assets and liabilities measured at fair value on a recurring basis. Available-for-sale debt securities, trading account securities and equity securities with readily determinable fair value —Fair values for available-for-sale debt securities, trading account securities and equity securities with readily determinable fair value are typically based on prices obtained from independent pricing vendors. Securities measured with these valuation techniques are generally classified as Level 2 of the fair value hierarchy. Typically, standard inputs such as benchmark yields, reported trades for similar securities, issuer spreads, benchmark securities, bids, offers and reference data including market research publications are used to determine the fair value of these securities. When these inputs are not available, broker/dealer quotes may be obtained by the vendor to determine the fair value of the security. We review the vendor’s pricing methodologies to determine if observable market information is being used, versus unobservable inputs. Fair value measurements using 36 Table of Contents significant inputs that are unobservable in the market due to limited activity or a less liquid market are classified as Level 3 in the fair value hierarchy. The fair value of U.S. Treasury securities and certain equity securities with readily determinable fair value are based on unadjusted quoted prices in active markets for identical securities. As such, these securities are classified as Level 1 in the fair value hierarchy. The Company’s Investment Operations Department is responsible for the valuation of Level 3 available-for-sale debt securities. The methodology and variables used as inputs in pricing Level 3 securities are derived from a combination of observable and unobservable inputs. The unobservable inputs are determined through internal assumptions that may vary from period to period due to external factors, such as market movement and credit rating adjustments. At June 30, 2025, the Company classified $ 116.1 million of municipal securities as Level 3. These municipal securities are bond issues for various municipal government entities primarily located in the Chicago metropolitan area, southern Wisconsin and west Michigan and are privately placed, non-rated bonds without CUSIP numbers. The Company’s methodology for pricing these securities focuses on three distinct inputs: equivalent rating, yield and other pricing terms. To determine the rating for a given non-rated investment debt security, the Investment Operations Department references a rated, publicly issued bond by the same issuer if available. A reduction is then applied to the rating obtained from the comparable bond, as the Company believes if liquidated, a non-rated bond would be valued less than a similar bond with a verifiable rating. The reduction applied by the Company is one complete rating grade (i.e. a “AA” rating for a comparable bond would be reduced to “A” for the Company’s valuation). For bond issues without comparable bond proxies, a rating of “BBB” was assigned. In the second quarter of 2025, all of the ratings derived by the Investment Operations Department using the above process were “BBB” or better. The fair value measurement noted above is sensitive to the rating input, as a higher rating typically results in an increased valuation. The remaining pricing inputs used in the bond valuation are observable. Based on the rating determined in the above process, Investment Operations obtains a corresponding current market yield curve available to market participants. Other terms including coupon, maturity date, redemption price, number of coupon payments per year, and accrual method are obtained from the individual bond term sheets. Certain municipal bonds held by the Company at June 30, 2025 are continuously callable. When valuing these bonds, the fair value is capped at par value as the Company assumes a market participant would not pay more than par for a continuously callable bond. Mortgage loans held-for-sale —The fair value of mortgage loans held-for-sale is typically determined by reference to investor price sheets for loan products with similar characteristics. Loans measured with this valuation technique are classified as Level 2 in the fair value hierarchy. At June 30, 2025, the Company classified $ 27.2 million of certain delinquent mortgage loans held-for-sale as Level 3. For such delinquent loans in which investor interest may be limited, the Company estimates fair value by discounting future scheduled cash flows for the specific loan through its life, adjusted for estimated credit losses. The Company uses a discount rate based on prevailing market coupon rates on loans with similar characteristics. The assumed weighted average discount rate used as an input to value these loans at June 30, 2025 was 5.44 %. The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. Additionally, the weighted average credit discount used as an input to value the specific loans was 0.80 % with credit loss discount ranging from 0 %- 24 % at June 30, 2025. Loans held-for-investment —The fair value of loans held-for-investment is typically determined by reference to investor price sheets for loan products with similar characteristics. Loans measured with this valuation technique are classified as Level 2 in the fair value hierarchy. The fair value for certain loans in which the Company previously elected the fair value option is estimated by discounting future scheduled cash flows for the specific loan through maturity, adjusted for estimated credit losses and prepayment or life assumptions. These loans primarily consist of early buyout loans guaranteed by U.S. government agencies that are delinquent and, as a result, investor interest may be limited. The Company uses a discount rate based on the actual coupon rate of the underlying loan. At June 30, 2025, the Company classified $ 53.0 million of loans held-for-investment carried at fair value as Level 3. The assumed weighted average discount rate used as an input to value these loans at June 30, 2025 was 5.49 %. The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. As noted above, the fair value estimate also includes assumptions of prepayment speeds and average life as well as credit losses. The weighted average prepayments speed used as an input to value current loans was 9.34 % at June 30, 2025. Prepayment speeds are inversely related to the fair value of these loans as an increase in prepayment speeds results in a decreased valuation. For delinquent loans in which performance is not assumed and there is a higher probability of resolution of the loan ending in foreclosure, the weighted average life of such loans was 5.7 years. Average life is inversely related to the fair value of these loans as an increase in estimated life results in a decreased valuation. Additionally, the weighted average credit discount used as an input to value the specific loans was 1.26 % with credit loss discounts ranging from 0 %- 18 % at June 30, 2025. 37 Table of Contents MSRs —Fair value for MSRs is determined utilizing a valuation model which calculates the fair value of each servicing right based on the present value of estimated future cash flows. The Company uses a discount rate commensurate with the risk associated with each servicing right, given current market conditions. At June 30, 2025, the Company classified $ 193.1 million of MSRs as Level 3. The weighted average discount rate used as an input to value the pool of MSRs at June 30, 2025 was 10.43 % with discount rates applied ranging from 5 %- 27 %. The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. The fair value of MSRs was also estimated based on other assumptions including prepayment speeds and the cost to service. Prepayment speeds ranged from 0 %- 91 % or a weighted average prepayment speed of 9.34 %. Further, for current and delinquent loans, the Company assumed a weighted average cost of servicing of $ 76 and $ 390 , respectively, per loan. Prepayment speeds and the cost to service are both inversely related to the fair value of MSRs as an increase in prepayment speeds or the cost to service results in a decreased valuation. See Note (9) “Mortgage Servicing Rights (“MSRs”)” in Item 1 of this report for further discussion of MSRs. Derivative instruments —The Company’s derivative instruments include interest rate swaps, caps and collars, commitments to fund mortgages for sale into the secondary market (interest rate locks), forward commitments to end investors for the sale of mortgage loans, commodity future contracts and foreign currency contracts. Interest rate swaps, caps and collars and commodity future contracts are valued by a third party, using models that primarily use market observable inputs, such as yield curves and commodity prices prevailing at the measurement date, and are classified as Level 2 in the fair value hierarchy. The credit risk associated with derivative financial instruments that are subject to master netting agreements is measured on a net basis by counterparty portfolio. The fair value for mortgage-related derivatives is based on changes in mortgage rates from the date of the commitments. The fair value of foreign currency derivatives is computed based on change in foreign currency rates stated in the contract compared to those prevailing at the measurement date. At June 30, 2025, the Company classified $ 5.5 million of derivative assets related to interest rate locks as Level 3. The fair value of interest rate locks is based on prices obtained for loans with similar characteristics from third parties, adjusted for the pull-through rate, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund. The weighted-average pull-through rate at June 30, 2025 was 80.62 % with pull-through rates applied ranging from 3 % to 100 %. Pull-through rates are directly related to the fair value of interest rate locks as an increase in the pull-through rate results in an increased valuation. Nonqualified deferred compensation assets —The underlying assets relating to the nonqualified deferred compensation plan are included in a trust and primarily consist of non-exchange traded institutional funds which are priced based by an independent third party service. These assets are classified as Level 2 in the fair value hierarchy. 38 Table of Contents The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented: June 30, 2025 (In thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 13,018 $ 13,018 $ — $ — U.S. government agencies 45,824 — 45,824 — Municipal 180,644 — 64,569 116,075 Corporate notes 79,799 — 79,799 — Mortgage-backed 4,566,430 — 4,566,430 — Trading account securities — — — — Equity securities with readily determinable fair value 273,722 265,656 8,066 — Mortgage loans held-for-sale 299,606 — 272,438 27,168 Loans held-for-investment 136,884 — 83,847 53,037 MSRs 193,061 — — 193,061 Nonqualified deferred compensation assets 17,283 — 17,283 — Derivative assets 221,106 — 215,558 5,548 Total $ 6,027,377 $ 278,674 $ 5,353,814 $ 394,889 Derivative liabilities $ 161,402 $ — $ 161,402 $ — December 31, 2024 (In thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 37,907 $ 37,907 $ — $ — U.S. government agencies 44,945 — 44,945 — Municipal 184,593 — 62,986 121,607 Corporate notes 81,162 — 81,162 — Mortgage-backed 3,792,875 — 3,792,875 — Trading account securities 4,072 — 4,072 — Equity securities with readily determinable fair value 215,412 207,346 8,066 — Mortgage loans held-for-sale 331,261 — 270,862 60,399 Loans held-for-investment 158,795 — 123,899 34,896 MSRs 203,788 — — 203,788 Nonqualified deferred compensation assets 16,653 — 16,653 — Derivative assets 200,027 — 198,077 1,950 Total $ 5,271,490 $ 245,253 $ 4,603,597 $ 422,640 Derivative liabilities $ 241,750 $ — $ 241,750 $ — June 30, 2024 (In thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 102,712 $ 102,712 $ — $ — U.S. government agencies 45,192 — 45,192 — Municipal 146,608 — 50,816 95,792 Corporate notes 77,975 — 77,975 — Mortgage-backed 3,957,470 — 3,957,470 — Trading account securities 4,134 — 4,134 — Equity securities with readily determinable fair value 112,173 104,107 8,066 — Mortgage loans held-for-sale 411,851 — 371,306 40,545 Loans held-for-investment 135,834 — 90,113 45,721 MSRs 204,610 — — 204,610 Nonqualified deferred compensation assets 16,041 — 16,041 — Derivative assets 243,860 — 239,065 4,795 Total $ 5,458,460 $ 206,819 $ 4,860,178 $ 391,463 Derivative liabilities $ 317,659 $ — $ 317,659 $ — 39 Table of Contents The aggregate remaining contractual principal balance outstanding as of June 30, 2025, December 31, 2024 and June 30, 2024 for mortgage loans held-for-sale measured at fair value under ASC 825 was $ 313.4 million, $ 335.9 million and $ 414.1 million, respectively, while the aggregate fair value of mortgage loans held-for-sale was $ 299.6 million, $ 331.3 million and $ 411.9 million, for the same respective periods, as shown in the above tables. At June 30, 2025, $ 200,000 of mortgage loans held-for-sale were classified as nonaccrual compared to $ 4.0 million as of December 31, 2024 and $ 2.1 million as of June 30, 2024. Additionally, there were $ 27.5 million of loans past due greater than 90 days and still accruing in the mortgage loans held-for-sale portfolio as of June 30, 2025 compared to $ 59.3 million as of December 31, 2024 and $ 39.4 million as of June 30, 2024. All of the nonaccrual loans and loans past due greater than 90 days and still accruing within the mortgage loans held-for-sale portfolio at June 30, 2025, December 31, 2024, and June 30, 2024 were individual delinquent mortgage loans bought back from GNMA at the unconditional option of the Company as servicer for those loans. The aggregate remaining contractual principal balance outstanding as of June 30, 2025, December 31, 2024 and June 30, 2024 for loans held-for-investment measured at fair value under ASC 825 was $ 136.1 million, $ 157.8 million and $ 136.1 million, respectively, while the aggregate fair value of loans held-for-investment was $ 136.9 million, $ 158.8 million and $ 135.8 million, respectively, as shown in the above tables. The changes in Level 3 assets measured at fair value on a recurring basis during the three and six months ended June 30, 2025 and 2024 are summarized as follows: Mortgage loans held-for-sale Loans held-for- investment Mortgage servicing rights Derivative assets (In thousands) Municipal Balance at April 1, 2025 $ 121,844 $ 56,324 $ 34,002 $ 196,307 $ 5,493 Total net (losses) gains included in: Net income (1) — 479 565 ( 3,246 ) 55 Other comprehensive income or loss ( 2,353 ) — — — — Purchases — — — — — Settlements ( 3,416 ) ( 44,819 ) ( 7,778 ) — — Net transfers into Level 3 — 15,184 26,248 — — Balance at June 30, 2025 $ 116,075 $ 27,168 $ 53,037 $ 193,061 $ 5,548 Mortgage loans held-for-sale Loans held-for- investment Mortgage servicing rights Derivative assets (In thousands) Municipal Balance at April 1, 2024 $ 88,219 $ 33,726 $ 49,317 $ 201,044 $ 6,212 Total net (losses) gains included in: Net income (1) — 205 66 3,566 ( 1,417 ) Other comprehensive income or loss ( 680 ) — — — — Purchases 9,682 — — — — Settlements ( 1,429 ) ( 10,269 ) ( 7,709 ) — — Net transfers into Level 3 — 16,883 4,047 — — Balance at June 30, 2024 $ 95,792 $ 40,545 $ 45,721 $ 204,610 $ 4,795 (1) Changes in the balance of mortgage loans held-for-sale, MSRs, and derivative assets related to fair value adjustments are recorded as components of mortgage banking revenue. Changes in the balance of loans held-for-investment related to fair value adjustments are recorded as other non-interest income. 40 Table of Contents Mortgage loans held-for-sale Loans held-for- investment Mortgage servicing rights Derivative Assets (In thousands) Municipal Balance at January 1, 2025 $ 121,607 $ 60,399 $ 34,896 $ 203,788 $ 1,950 Total net (losses) gains included in: Net income (1) — 1,452 836 ( 10,727 ) 3,598 Other comprehensive income or loss ( 7,431 ) — — — — Purchases 15,282 — — — — Issuances — — — — — Sales — — — — — Settlements ( 13,383 ) ( 69,420 ) ( 12,725 ) — — Net transfers into Level 3 — 34,737 30,030 — — Balance at June 30, 2025 $ 116,075 $ 27,168 $ 53,037 $ 193,061 $ 5,548 Mortgage loans held-for-sale Loans held-for- investment Mortgage servicing rights Derivative Assets (In thousands) Municipal Balance at January 1, 2024 $ 86,237 $ 26,835 $ 60,670 $ 192,456 $ 4,510 Total net (losses) gains included in: Net income (1) — 272 ( 251 ) 12,154 285 Other comprehensive income or loss ( 2,668 ) — — — — Purchases 18,066 — — — — Sales — — — — — Settlements ( 5,843 ) ( 20,609 ) ( 23,512 ) — — Net transfers into Level 3 — 34,047 8,814 — — Balance at June 30, 2024 $ 95,792 $ 40,545 $ 45,721 $ 204,610 $ 4,795 (1) Changes in the balance of mortgage loans held-for-sale, MSRs and derivative assets related to fair value adjustments are recorded as components of mortgage banking revenue. Changes in the balance of loans held-for-investment related to fair value adjustments are recorded as other non-interest income. Also, the Company may be required, from time to time, to measure certain other assets at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from impairment charges on individual assets. For assets measured at fair value on a non-recurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at June 30, 2025: June 30, 2025 Three Months Ended June 30, 2025 Fair Value Losses Recognized, net Six Months Ended June 30, 2025 Fair Value Losses Recognized, net (In thousands) Total Level 1 Level 2 Level 3 Individually assessed loans - foreclosure probable and collateral-dependent $ 143,486 $ — $ — $ 143,486 $ 11,075 $ 21,155 Other real estate owned (1) 23,615 — — 23,615 325 816 Total $ 167,101 $ — $ — $ 167,101 $ 11,400 $ 21,971 (1) Net fair value losses recognized on other real estate owned include valuation adjustments and charge-offs during the respective period. Individually assessed loans —In accordance with ASC 326, the allowance for credit losses for loans and other financial assets held at amortized cost should be measured on a collective or pooled basis when such assets exhibit similar risk characteristics. In instances in which a financial asset does not exhibit similar risk characteristics to a pool, the Company is required to measure such allowance for credit losses on an individual asset basis. For the Company’s loan portfolio, nonaccrual loans are considered to not exhibit similar risk characteristics as pools and thus are individually assessed. Credit losses are measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the fair value of the underlying collateral. Individually assessed loans are considered a fair value measurement where an allowance for credit loss is established based on the fair value of collateral. Appraised values on relevant real estate properties, which may require adjustments to market-based valuation inputs, are generally used on foreclosure probable and collateral-dependent loans within the real estate portfolios. 41 Table of Contents The Company’s Managed Assets Division is primarily responsible for the valuation of Level 3 inputs of individually assessed loans. For more information on individually assessed loans refer to Note (7) “Allowance for Credit Losses” in Item 1 of this report. At June 30, 2025, the Company had $ 143.5 million of individually assessed loans classified as Level 3. All of the $ 143.5 million of individually assessed loans were measured at fair value based on the underlying collateral of the loan as shown in the table above. Other real estate owned —Other real estate owned is comprised of real estate acquired in partial or full satisfaction of loans and is included in other assets. Other real estate owned is recorded at its estimated fair value less estimated selling costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the allowance for loan losses. Subsequent changes in value are reported as adjustments to the carrying amount and are recorded in other non-interest expense. Gains and losses upon sale, if any, are also charged to other non-interest expense. Fair value is generally based on third party appraisals and internal estimates that are adjusted by a discount representing the estimated cost of sale and is therefore considered a Level 3 valuation. The Company’s Managed Assets Division is primarily responsible for the valuation of Level 3 inputs for other real estate owned. At June 30, 2025, the Company had $ 23.6 million of other real estate owned classified as Level 3. The unobservable input applied to other real estate owned relates to the 10 % reduction to the appraisal value representing the estimated cost of sale of the foreclosed property. A higher discount for the estimated cost of sale results in a decreased carrying value. The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at June 30, 2025 were as follows: (Dollars in thousands) Fair Value Valuation Methodology Significant Unobservable Input Input / Range of Inputs Weighted Average of Inputs Impact to valuation from an increased or higher input value Measured at fair value on a recurring basis: Municipal securities $ 116,075 Bond pricing Equivalent rating BBB-AA+ N/A Increase Mortgage loans held-for-sale 27,168 Discounted cash flows Discount rate 5.44 % 5.44 % Decrease Credit discount 0 % - 24 % 0.80 % Decrease Loans held-for-investment 53,037 Discounted cash flows Discount rate 5.44 % - 6.38 % 5.49 % Decrease Credit discount 0 % - 18 % 1.26 % Decrease Constant prepayment rate (CPR) - current loans 9.34 % 9.34 % Decrease Average life - delinquent loans (in years) 1.2 years - 11.5 years 5.7 years Decrease MSRs 193,061 Discounted cash flows Discount rate 5 % - 27 % 10.43 % Decrease Constant prepayment rate (CPR) 0 % - 91 % 9.34 % Decrease Cost of servicing $ 70 - $ 200 $ 76 Decrease Cost of servicing - delinquent $ 200 - 1,000 $ 390 Decrease Derivatives 5,548 Discounted cash flows Pull-through rate 3 % - 100 % 80.62 % Increase Measured at fair value on a non-recurring basis: Individually assessed loans - foreclosure probable and collateral-dependent 143,486 Appraisal value Appraisal adjustment - cost of sale 10 % 10.00 % Decrease Other real estate owned 23,615 Appraisal value Appraisal adjustment - cost of sale 10 % 10.00 % Decrease 42 Table of Contents The Company is required under applicable accounting guidance to report the fair value of all financial instruments on the Consolidated Statements of Condition, including those financial instruments carried at cost. The table below presents the carrying amounts and estimated fair values of the Company’s financial instruments as of the dates shown: At June 30, 2025 At December 31, 2024 At June 30, 2024 Carrying Fair Carrying Fair Carrying Fair (In thousands) Value Value Value Value Value Value Financial Assets: Cash and cash equivalents $ 695,564 $ 695,564 $ 458,536 $ 458,536 $ 415,524 $ 415,524 Interest-bearing deposits with banks 4,569,618 4,569,618 4,409,753 4,409,753 2,824,314 2,824,314 Available-for-sale securities 4,885,715 4,885,715 4,141,482 4,141,482 4,329,957 4,329,957 Held-to-maturity securities 3,502,186 2,869,415 3,613,263 2,910,550 3,755,924 3,060,467 Trading account securities — — 4,072 4,072 4,134 4,134 Equity securities with readily determinable fair value 273,722 273,722 215,412 215,412 112,173 112,173 FHLB and FRB stock, at cost 282,087 282,087 281,407 281,407 256,495 256,495 Brokerage customer receivables — — 18,102 18,102 13,682 13,682 Mortgage loans held-for-sale, at fair value 299,606 299,606 331,261 331,261 411,851 411,851 Loans held-for-investment, at fair value 136,884 136,884 158,795 158,795 135,834 135,834 Loans held-for-investment, at amortized cost 50,904,795 50,121,351 47,896,242 47,070,249 44,539,697 43,461,319 Nonqualified deferred compensation assets 17,283 17,283 16,653 16,653 16,041 16,041 Derivative assets 221,106 221,106 200,027 200,027 243,860 243,860 Accrued interest receivable and other 576,813 576,813 563,625 563,625 505,504 505,504 Total financial assets $ 66,365,379 $ 64,949,164 $ 62,308,630 $ 60,779,924 $ 57,564,990 $ 55,791,155 Financial Liabilities: Non-maturity deposits $ 45,484,115 $ 45,484,115 $ 43,092,318 $ 43,092,318 $ 38,778,256 $ 38,778,256 Deposits with stated maturities 10,332,696 10,319,942 9,420,031 9,423,976 9,270,770 9,248,374 FHLB advances 3,151,309 3,185,868 3,151,309 3,153,524 3,176,309 3,195,138 Other borrowings 625,392 625,402 534,803 534,406 606,579 605,305 Subordinated notes 298,458 292,668 298,283 286,683 298,113 273,666 Junior subordinated debentures 253,566 253,573 253,566 253,588 253,566 253,571 Derivative liabilities 161,402 161,402 241,750 241,750 317,659 317,659 Accrued interest payable 57,470 57,470 48,364 48,364 66,373 66,373 Total financial liabilities $ 60,364,408 $ 60,380,440 $ 57,040,424 $ 57,034,609 $ 52,767,625 $ 52,738,342 Not all the financial instruments listed in the table above are subject to the disclosure provisions of ASC Topic 820, as certain assets and liabilities result in their carrying value approximating fair value. These include cash and cash equivalents, interest-bearing deposits with banks, brokerage customer receivables, FHLB and FRB stock, accrued interest receivable and accrued interest payable and non-maturity deposits. The following methods and assumptions were used by the Company in estimating fair values of financial instruments that were not previously disclosed. Held-to-maturity securities — Held-to-maturity securities include U.S. government-sponsored agency securities, municipal bonds issued by various municipal government entities primarily located in the Chicago metropolitan area, southern Wisconsin, and west Michigan and mortgage-backed securities. Fair values for held-to-maturity securities are typically based on prices obtained from independent pricing vendors. In accordance with ASC 820, the Company has generally categorized these held-to-maturity securities as a Level 2 fair value measurement. Fair values for certain other held-to-maturity securities are based on the bond pricing methodology discussed previously related to certain available-for-sale securities. In accordance with ASC 820, the Company has categorized these held-to-maturity securities as a Level 3 fair value measurement. Loans held-for-investment, at amortized cost — Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are analyzed by type (commercial, residential real estate, etc.) and category within each type (construction, non-construction, franchise lending etc.). Each category is further segmented by interest rate type (fixed and variable). The fair value of both fixed and variable rate loans is estimated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect credit and interest rate risks inherent in the loan. In accordance with ASC 820, the Company has categorized loans as a Level 3 fair value measurement. 43 Table of Contents Deposits with stated maturities — The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently in effect for deposits of similar remaining maturities. In accordance with ASC 820, the Company has categorized deposits with stated maturities as a Level 3 fair value measurement. FHLB advances — The fair value of FHLB advances is calculated using a discounted cash flow analysis based on current market rates of similar maturity debt securities to discount cash flows. In accordance with ASC 820, the Company has categorized FHLB advances as a Level 3 fair value measurement. Subordinated notes — The fair value of the subordinated notes is based on a market price obtained from an independent pricing vendor. In accordance with ASC 820, the Company has categorized subordinated notes as a Level 2 fair value measurement. Junior subordinated debentures — The fair value of the junior subordinated debentures is based on the discounted value of contractual cash flows. In accordance with ASC 820, the Company has categorized junior subordinated debentures as a Level 3 fair value measurement. (16) Stock-Based Compensation Plans As of June 30, 2025, approximately 2,179,000 shares were available for future grants, assuming the maximum number of shares are issued for the performance awards outstanding, approved under the Company Stock Incentive Plans (“the Plans”). Descriptions of the Plans are included in Note (18) “Stock Compensation Plans and Other Employee Benefit Plans” of the 2024 Form 10-K. Stock-based compensation expense recognized in the Consolidated Statements of Income was $ 10.2 million in the second quarter of 2025 and $ 9.0 million in the second quarter of 2024, and $ 20.6 million and $ 18.1 million in the six months ended June 30, 2025 and 2024, respectively. A summary of the Plans’ stock option activity for the six months ended June 30, 2025 and June 30, 2024 is presented below: Stock Options Common Shares Weighted Average Strike Price Remaining Contractual Term (1) Intrinsic Value (2) (in thousands) Outstanding at January 1, 2025 10,825 $ 43.76 Granted — — Exercised ( 5,150 ) 42.61 Forfeited or canceled — — Outstanding at June 30, 2025 5,675 $ 44.81 3.2 $ 449 Exercisable at June 30, 2025 5,675 $ 44.81 3.2 $ 449 Stock Options Common Shares Weighted Average Strike Price Remaining Contractual Term (1) Intrinsic Value (2) (in thousands) Outstanding at January 1, 2024 13,100 $ 42.76 Granted — — Exercised ( 775 ) 32.26 Forfeited or canceled — — Outstanding at June 30, 2024 12,325 $ 43.42 4.0 $ 680 Exercisable at June 30, 2024 12,325 $ 43.42 4.0 $ 680 (1) Represents the remaining weighted average contractual life in years. (2) Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company’s stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company’s stock. The aggregate intrinsic value of options exercised during the six months ended June 30, 2025 and June 30, 2024, was approximately $ 467,000 and $ 50,000 , respectively. Cash received from option exercises under the Plans for the six months ended June 30, 2025 and June 30, 2024 was approximately $ 220,000 and $ 25,000 , respectively. 44 Table of Contents A summary of the Plans’ restricted share activity for the six months ended June 30, 2025 and June 30, 2024 is presented below: Six months ended June 30, 2025 Six months ended June 30, 2024 Restricted Shares Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Outstanding at January 1 880,866 $ 90.95 746,123 $ 79.60 Granted 254,059 133.14 389,198 99.50 Vested and issued ( 201,993 ) 94.27 ( 228,719 ) 69.54 Forfeited or canceled ( 17,703 ) 106.93 ( 7,893 ) 91.47 Outstanding at June 30 915,229 $ 101.62 898,709 $ 90.68 Vested, but deferred, at June 30 101,426 $ 55.02 99,844 $ 53.98 A summary of the Plans’ performance-based stock award activity, based on the target level of the awards, for the six months ended June 30, 2025 and June 30, 2024 is presented below: Six months ended June 30, 2025 Six months ended June 30, 2024 Performance-based Stock Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Outstanding at January 1 454,017 $ 93.57 553,026 $ 79.69 Granted 87,844 134.58 96,952 58.78 Added by performance factor at vesting 75,461 96.51 111,304 100.44 Vested and issued ( 230,957 ) 95.26 ( 295,644 ) 58.69 Forfeited or canceled ( 7,376 ) 104.88 ( 3,154 ) 95.94 Outstanding at June 30 378,989 $ 102.41 462,484 $ 93.61 Vested, but deferred, at June 30 13,231 $ 40.53 21,593 $ 43.95 45 Table of Contents (17) Accumulated Other Comprehensive Income or Loss and Earnings Per Share Accumulated Other Comprehensive Income or Loss The following tables summarize the components of other comprehensive income or loss, including the related income tax effects, and the related amount reclassified to net income for the periods presented: (In thousands) Accumulated Unrealized (Losses) Gains on Securities Accumulated Unrealized Gains (Losses) on Derivative Instruments Accumulated Foreign Currency Translation Adjustments Total Accumulated Other Comprehensive (Loss) Income Balance at April 1, 2025 $ ( 373,994 ) $ 31,747 $ ( 67,768 ) $ ( 410,015 ) Other comprehensive income during the period, net of tax, before reclassifications 3,970 18,555 17,583 40,108 Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax 64 3,618 — 3,682 Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax ( 8 ) — — ( 8 ) Net other comprehensive income during the period, net of tax $ 4,026 $ 22,173 $ 17,583 $ 43,782 Balance at June 30, 2025 $ ( 369,968 ) $ 53,920 $ ( 50,185 ) $ ( 366,233 ) Balance at January 1, 2025 $ ( 429,580 ) $ ( 11,227 ) $ ( 67,528 ) $ ( 508,335 ) Other comprehensive income during the period, net of tax, before reclassifications 59,341 57,277 17,343 133,961 Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax 287 7,870 — 8,157 Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax ( 16 ) — — ( 16 ) Net other comprehensive income during the period, net of tax $ 59,612 $ 65,147 $ 17,343 $ 142,102 Balance at June 30, 2025 $ ( 369,968 ) $ 53,920 $ ( 50,185 ) $ ( 366,233 ) Balance at April 1, 2024 $ ( 408,002 ) $ ( 28,329 ) $ ( 48,817 ) $ ( 485,148 ) Other comprehensive loss during the period, net of tax, before reclassifications ( 15,275 ) ( 23,070 ) ( 2,905 ) ( 41,250 ) Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax ( 885 ) 15,095 — 14,210 Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax ( 10 ) — — ( 10 ) Net other comprehensive loss during the period, net of tax $ ( 16,170 ) $ ( 7,975 ) $ ( 2,905 ) $ ( 27,050 ) Balance at June 30, 2024 $ ( 424,172 ) $ ( 36,304 ) $ ( 51,722 ) $ ( 512,198 ) Balance at January 1, 2024 $ ( 350,697 ) $ 32,049 $ ( 42,583 ) $ ( 361,231 ) Other comprehensive loss during the period, net of tax, before reclassifications ( 72,562 ) ( 98,024 ) ( 9,139 ) ( 179,725 ) Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax ( 866 ) 29,671 — 28,805 Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax ( 47 ) — — ( 47 ) Net other comprehensive loss during the period, net of tax $ ( 73,475 ) $ ( 68,353 ) $ ( 9,139 ) $ ( 150,967 ) Balance at June 30, 2024 $ ( 424,172 ) $ ( 36,304 ) $ ( 51,722 ) $ ( 512,198 ) 46 Table of Contents (In thousands) Amount Reclassified from Accumulated Other Comprehensive Income or Loss for the Details Regarding the Component of Accumulated Other Comprehensive Income or Loss Three Months Ended Six Months Ended Impacted Line on the Consolidated Statements of Income June 30, June 30, 2025 2024 2025 2024 Accumulated unrealized (losses) gains on securities Gains included in net income $ ( 87 ) $ 1,204 $ ( 388 ) $ 1,178 Gains (losses) on investment securities, net ( 87 ) 1,204 ( 388 ) 1,178 Income before taxes Tax effect 23 ( 319 ) 101 ( 312 ) Income tax expense Net of tax $ ( 64 ) $ 885 $ ( 287 ) $ 866 Net income Accumulated unrealized gains on derivative instruments Amount reclassified to interest income on loans $ 8,215 $ 23,849 $ 17,286 $ 48,324 Interest on Loans Amount reclassified to interest expense on deposits ( 3,325 ) ( 3,325 ) ( 6,650 ) ( 7,982 ) Interest on deposits ( 4,890 ) ( 20,524 ) ( 10,636 ) ( 40,342 ) Income before taxes Tax effect 1,272 5,429 2,766 10,671 Income tax expense Net of tax $ ( 3,618 ) $ ( 15,095 ) $ ( 7,870 ) $ ( 29,671 ) Net income Earnings per Share The following table shows the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended Six Months Ended (Dollars in thousands, except per share data) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net income $ 195,527 $ 152,388 $ 384,566 $ 339,682 Less: Preferred stock dividends 6,991 6,991 13,982 13,982 Net income applicable to common shares (A) $ 188,536 $ 145,397 $ 370,584 $ 325,700 Weighted average common shares outstanding (B) 66,931 61,839 66,829 61,660 Effect of dilutive potential common shares Common stock equivalents 888 926 903 901 Weighted average common shares and effect of dilutive potential common shares (C) 67,819 62,765 67,732 62,561 Net income per common share: Basic (A/B) $ 2.82 $ 2.35 $ 5.55 $ 5.28 Diluted (A/C) $ 2.78 $ 2.32 $ 5.47 $ 5.21 Potentially dilutive common shares can result from stock options, restricted stock unit awards and shares to be issued under the Employee Stock Purchase Plan and the Directors Deferred Fee and Stock Plan, being treated as if they had been either exercised or issued, computed by application of the treasury stock method. While potentially dilutive common shares are typically included in the computation of diluted earnings per share, potentially dilutive common shares are excluded from this computation in periods in which the effect of inclusion would either reduce the loss per share or increase the income per share. At the January 2025 meeting of the Board of Directors of the Company (the “Board of Directors”), a quarterly cash dividend of $ 0.50 per share ($ 2.00 on an annualized basis) was declared. It was paid on February 20, 2025 to shareholders of record as of February 6, 2025. At the April 2025 meeting of the Board of Directors, a quarterly cash dividend of $ 0.50 per share ($ 2.00 on an annualized basis) was declared. It was paid on May 22, 2025 to shareholders of record as of May 8, 2025. 47 Table of Contents (18) Subsequent Events On July 15, 2025, the Company redeemed all 5,000,000 issued and outstanding shares of the Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D (the “Series D Preferred Stock”), for a redemption price of $ 25.00 per share or $ 125.0 million. Also, the Company redeemed all 11,500 issued and outstanding shares of 6.875 % Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E (the “Series E Preferred Stock”), and all of the related 11,500,000 issued and outstanding depositary shares (the “Depositary Shares”), each representing a 1/1,000 th interest in a share of Series E Preferred Stock, for a redemption price of $ 25,000 per share of Series E Preferred Stock (or $ 25.00 per Depositary Share) or $ 287.5 million. The regular quarterly dividends on the Series D Preferred Stock and the Series E Preferred Stock represented by the Depositary Shares were paid separately on July 15, 2025 to holders of record on July 1, 2025. Accordingly, the redemption price did not include any accrued and unpaid dividends. The redemptions were funded with a portion of the net proceeds from the Company’s previously disclosed public offering of depositary shares, each representing a 1/1,000th interest in a share of its 7.875 % Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F, which was completed on May 22, 2025 (see “Shareholders’ Equity” for further detail). ITEM 2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the financial condition of Wintrust Financial Corporation and its subsidiaries (collectively, “Wintrust” or the “Company”) as of June 30, 2025 compared with December 31, 2024 and June 30, 2024, and the results of operations for the three and six month periods ended June 30, 2025 and June 30, 2024, should be read in conjunction with the unaudited consolidated financial statements and notes contained in this report and the risk factors discussed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”) and in Part II, Item 1A, of this Form 10-Q. This discussion contains forward-looking statements that involve risks and uncertainties and, as such, future results could differ significantly from management’s current expectations. See the last section of this discussion for further information on forward-looking statements. Introduction Wintrust is a financial holding company that provides traditional community and commercial banking services and offers a full array of wealth management services, primarily to customers in the Chicago metropolitan area, southern Wisconsin, northwest Indiana, and west Michigan, and operates other financing businesses on a national basis and in Canada through several non-bank businesses. Overview Second Quarter Highlights The Company recorded net income of $195.5 million for the second quarter of 2025 compared to $152.4 million in the second quarter of 2024. The results for the second quarter of 2025 demonstrate increased net interest income due to growth in earning assets as well as the Company’s ability to navigate disruptions in the current economic environment during the period due to the Company’s strong deposit franchise and balanced business model. Partially offsetting the increase in net interest income was an increase in non-interest expense. The increase in non-interest expense was a result of additional expenses to support organic growth as well as the impact from the Macatawa acquisition. Comprehensive income includes 1) net income as presented on the Company’s Consolidated Statements of Income and 2) other comprehensive income or loss from unrealized gains and losses on the Company’s available-for-sale investment securities portfolios and derivative contracts designated as cash flow hedges as well as foreign currency translation adjustments. Comprehensive income totaled $239.3 million for the second quarter of 2025 compared to $125.3 million for the second quarter of 2024. The Company increased its loan portfolio from $44.7 billion at June 30, 2024 and $48.1 billion at December 31, 2024 to $51.0 billion at June 30, 2025. The increase in the current period compared to the prior periods was a result of growth in several portfolios, including the commercial, commercial real estate, residential real estate loans held for investment portfolios, and insurance premium finance receivable portfolios. For more information regarding changes in the Company’s loan portfolio, see Financial Condition – Interest Earning Assets and Note (6) “Loans” of the Consolidated Financial Statements in Item 1 of this report. 48 Table of Contents The Company recorded net interest income of $546.7 million in the second quarter of 2025 compared to $470.6 million in the second quarter of 2024. This increase in net interest income recorded in the second quarter of 2025 compared to the second quarter of 2024 resulted primarily from growth in earning assets, specifically a $5.7 billion increase in average loans. Net interest margin was 3.52% (3.54% on a fully taxable-equivalent basis, non-GAAP) in the second quarter of 2025 compared to 3.50% (3.52% on a fully taxable-equivalent basis, non-GAAP) in the second quarter of 2024. The increase in net interest margin is primarily due to a reduction in funding cost, primarily related to the rate paid on interest-bearing liabilities, most notably interest-bearing deposits, junior subordinated debentures and other borrowings. This was partially offset by a decline in loan and other earning assets yields along with a decline in the net free funds contribution (see “Net Interest Income” for further detail). Non-interest income totaled $124.1 million in the second quarter of 2025 compared to $121.1 million in the second quarter of 2024. The increase is primarily due to an increase on gains recognized on investment securities of $4.9 million and an increase of service charges on deposit accounts of $4.0 million in the second quarter of 2025 compared to the second quarter of 2024 . This was partially offset by a decrease in mortgage banking revenue of $6.0 million (see “Non-Interest Income” for further detail). Non-interest expense totaled $381.5 million in the second quarter of 2025, an increase of $41.1 million, or 12%, compared to the second quarter of 2024. This increase compared to the second quarter of 2024 was primarily attributable to increased salaries and employee benefits of $21.0 million, increased software and equipment expenses of $7.3 million and increased amortization of other acquisition-related intangible assets of $4.5 million. (see “Non-Interest Expense” for further detail). Management considers the maintenance of adequate liquidity to be important to the management of risk. Accordingly, during the second quarter of 2025, the Company continued its practice of maintaining appropriate funding capacity to provide the Company with adequate liquidity for its ongoing operations. In this regard, the Company benefited from its strong deposit base, a liquid investment portfolio and its access to funding from a variety of external funding sources, including the Company’s issuance of an additional series of preferred stock during the second quarter of 2025. See “Shareholders’ Equity”, “Deposits” and “Other Funding Sources” for additional information regarding liquidity sources. 49 Table of Contents RESULTS OF OPERATIONS Earnings Summary The Company’s key operating measures and growth rates for the three and six months ended June 30, 2025, as compared to the same period last year, are shown below: Three Months Ended (Dollars in thousands, except per share data) June 30, 2025 June 30, 2024 Percentage (%) or Basis Point (bp) Change Net income $ 195,527 $ 152,388 28 % Pre-tax income, excluding provision for credit losses (non-GAAP) (1) 289,322 251,404 15 Net income per common share—Diluted 2.78 2.32 20 Net revenue (2) 670,783 591,757 13 Net interest income 546,694 470,610 16 Net interest margin 3.52 % 3.50 % 2 bps Net interest margin - fully taxable-equivalent (non-GAAP) (1) 3.54 3.52 2 Net overhead ratio (3) 1.57 1.53 4 Return on average assets 1.19 1.07 12 Return on average common equity 12.07 11.61 46 Return on average tangible common equity (non-GAAP) (1) 14.44 13.49 95 Six months ended (Dollars in thousands, except per share data) June 30, 2025 June 30, 2024 Percentage (%) or Basis Point (bp) Change Net income $ 384,566 $ 339,682 13 % Pre-tax income, excluding provision for credit losses (non-GAAP) (1) 566,340 523,033 8 Net income per common share—Diluted 5.47 5.21 5 Net revenue (2) 1,313,891 1,196,531 10 Net interest income 1,073,168 934,804 15 Net interest margin 3.53 % 3.53 % — bps Net interest margin - fully taxable-equivalent (non-GAAP) (1) 3.55 3.56 (1) Net overhead ratio (3) 1.57 1.46 11 Return on average assets 1.19 1.21 (2) Return on average common equity 12.14 13.01 (87) Return on average tangible common equity (non-GAAP) (1) 14.57 15.12 (55) At end of period Total assets $ 68,983,318 $ 59,781,516 15 % Total loans, excluding loans held-for-sale 51,041,679 44,675,531 14 Total loans, including loans held-for-sale 51,341,285 45,087,382 14 Total deposits 55,816,811 48,049,026 16 Total shareholders’ equity 7,225,696 5,536,628 31 Book value per common share (1) 95.43 82.97 15 Tangible common book value per share (1) 81.86 72.01 14 Market price per common share 123.98 98.56 26 Allowance for loan and unfunded lending-related commitment losses to total loans 0.90 % 0.98 % (8) bps (1) See following section titled “Supplemental Non-GAAP Financial Measures/Ratios” for additional information on this performance measure/ratio. (2) Net revenue is net interest income plus non-interest income. (3) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s total average assets. A lower ratio indicates a higher degree of efficiency. Certain returns, yields, performance ratios, and quarterly growth rates are “annualized” throughout this report to represent an annual time period. This is done for analytical purposes to better discern for decision-making purposes underlying performance trends when compared to full-year or year-over-year amounts. For example, balance sheet growth rates are most often expressed in terms of an annual rate. As such, 5% growth during a quarter would represent an annualized growth rate of 20%. 50 Table of Contents SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent (“FTE”) basis. In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses as a useful measurement of the Company’s core net income. A reconciliation of certain non-GAAP performance measures and ratios used by the Company to evaluate and measure the Company’s performance to the most directly comparable GAAP financial measures is shown below: 51 Table of Contents Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, (Dollars and shares in thousands) 2025 2025 2024 2025 2024 Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio: (A) Interest Income (GAAP) $ 920,908 $ 886,965 $ 849,979 $ 1,807,873 $ 1,655,492 Taxable-equivalent adjustment: - Loans 2,200 2,206 2,305 4,406 4,551 - Liquidity management assets 680 690 567 1,370 1,117 - Other earning assets — 3 3 3 8 (B) Interest Income (non-GAAP) $ 923,788 $ 889,864 $ 852,854 $ 1,813,652 $ 1,661,168 (C) Interest Expense (GAAP) 374,214 360,491 379,369 734,705 720,688 (D) Net Interest Income (GAAP) (A minus C) 546,694 526,474 470,610 1,073,168 934,804 (E) Net Interest Income, fully taxable-equivalent (non-GAAP) (B minus C) 549,574 529,373 473,485 1,078,947 940,480 Net interest margin (GAAP) 3.52 % 3.54 % 3.50 % 3.53 % 3.53 % Net interest margin, fully taxable-equivalent (non-GAAP) 3.54 3.56 3.52 3.55 3.56 (F) Non-interest income $ 124,089 $ 116,634 $ 121,147 $ 240,723 $ 261,727 (G) Gains (losses) on investment securities, net 650 3,196 (4,282) 3,846 (2,956) (H) Non-interest expense 381,461 366,090 340,353 747,551 673,498 Efficiency ratio (H/(D+F-G)) 56.92 % 57.21 % 57.10 % 57.06 % 56.15 % Efficiency ratio (non-GAAP) (H/(E+F-G)) 56.68 56.95 56.83 56.81 55.88 Reconciliation of Non-GAAP Tangible Common Equity Ratio: Total shareholders’ equity (GAAP) $ 7,225,696 $ 6,600,537 $ 5,536,628 Less: Non-convertible preferred stock (GAAP) (837,500) (412,500) (412,500) Less: Acquisition-related intangible assets (GAAP) (908,639) (913,004) (676,562) (I) Total tangible common shareholders’ equity (non-GAAP) $ 5,479,557 $ 5,275,033 $ 4,447,566 (J) Total assets (GAAP) $ 68,983,318 $ 65,870,066 $ 59,781,516 Less: Acquisition-related intangible assets (GAAP) (908,639) (913,004) (676,562) (K) Total tangible assets (non-GAAP) $ 68,074,679 $ 64,957,062 $ 59,104,954 Common equity to assets ratio (GAAP) (L/J) 9.3 % 9.4 % 8.6 % Tangible common equity ratio (non-GAAP) (I/K) 8.0 8.1 7.5 Reconciliation of Non-GAAP Tangible Book Value per Common Share: Total shareholders’ equity $ 7,225,696 $ 6,600,537 $ 5,536,628 Less: Preferred stock (837,500) (412,500) (412,500) (L) Total common equity $ 6,388,196 $ 6,188,037 $ 5,124,128 (M) Actual common shares outstanding 66,938 66,919 61,760 Book value per common share (L/M) $ 95.43 $ 92.47 $ 82.97 Tangible book value per common share (non-GAAP) (I/M) 81.86 78.83 72.01 Reconciliation of Non-GAAP Return on Average Tangible Common Equity: (N) Net income applicable to common shares $ 188,536 $ 182,048 $ 145,397 $ 370,584 $ 325,700 Add: Acquisition-related intangible asset amortization 5,580 5,618 1,122 11,198 2,280 Less: Tax effect of acquisition-related intangible asset amortization (1,495) (1,421) (311) (2,923) (602) After-tax acquisition-related intangible asset amortization $ 4,085 $ 4,197 $ 811 $ 8,275 $ 1,678 (O) Tangible net income applicable to common shares (non-GAAP) $ 192,621 $ 186,245 $ 146,208 $ 378,859 $ 327,378 Total average shareholders’ equity $ 6,862,040 $ 6,460,941 $ 5,450,173 $ 6,662,598 $ 5,445,315 Less: Average preferred stock (599,313) (412,500) (412,500) (506,423) (412,500) (P) Total average common shareholders’ equity $ 6,262,727 $ 6,048,441 $ 5,037,673 $ 6,156,175 $ 5,032,815 Less: Average acquisition-related intangible assets (910,924) (916,069) (677,207) (913,483) (677,969) (Q) Total average tangible common shareholders’ equity (non-GAAP) $ 5,351,803 $ 5,132,372 $ 4,360,466 $ 5,242,692 $ 4,354,846 Return on average common equity, annualized (N/P) 12.07 % 12.21 % 11.61 % 12.14 % 13.01 % Return on average tangible common equity, annualized (non-GAAP) (O/Q) 14.44 14.72 13.49 14.57 15.12 Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income: Income before taxes $ 267,088 $ 253,055 $ 211,343 $ 520,143 $ 461,299 Add: Provision for credit losses 22,234 23,963 40,061 46,197 61,734 Pre-tax income, excluding provision for credit losses (non-GAAP) $ 289,322 $ 277,018 $ 251,404 $ 566,340 $ 523,033 Critical Accounting Estimates The Company’s Consolidated Financial Statements are prepared in accordance with GAAP in the United States, prevailing practices of the banking industry, and the application of accounting policies of which are described in Note (1) “Summary of Significant Accounting Policies” to the Consolidated Financial Statements in Item 8 of the Company’s 2024 Form 10-K. These policies require numerous estimates and strategic or economic assumptions, which may prove inaccurate or subject to 52 Table of Contents variations. Changes in underlying factors, assumptions or estimates could have a material impact on the Company’s future financial condition and results of operations. At June 30, 2025, management views critical accounting estimates to include the determination of the allowance for credit losses, estimations of fair value, the valuations required for impairment testing of goodwill, the valuation and accounting for derivative instruments and income taxes as the accounting areas that require the most subjective and complex judgments, and as such could be most subject to revision as new information becomes available. These estimates were reviewed with the Audit Committee of the Board of Directors. Allowance for Credit Losses, including the Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Allowance for Held-to-Maturity Debt Securities The allowance for credit losses represents management’s estimate of expected credit losses over the life of a financial asset carried at amortized cost. Determining the amount of the allowance for credit losses is considered a critical accounting estimate because it requires significant judgment and the use of estimates related to the fair value of the underlying collateral and amount and timing of expected future cash flows on individually assessed financial assets, estimated credit losses on pools of loans with similar risk characteristics, and consideration of reasonable and supportable forecasts of macroeconomic conditions, all of which are susceptible to significant change. At June 30, 2025, the loan and held-to-maturity debt securities portfolios represent 79% of the total assets on the Company’s consolidated balance sheet. The Company also maintains an allowance for lending-related commitments, specifically unfunded loan commitments and letters of credit, which relates to certain amounts the Company is committed to lend (not unconditionally cancelable) but for which funds have not yet been disbursed. Key macroeconomic variable data points that are significant inputs into our credit loss models for the commercial and commercial real estate portfolios are the Baa corporate credit spread as well as the Dow Jones Total Stock Market Index specifically for the commercial portfolio and the Commercial Real Estate Price Index (“CREPI”) specifically related to the commercial real estate portfolio. The Dow Jones Total Stock Market Index is not a new macroeconomic variable used in the commercial loss model. This variable has always been a part of the expected credit loss model for commercial, however we have included the impact analysis due to the significant volatility experienced in this variable during the beginning of 2025. Holding all other inputs constant, the table below shows the impact of changes in these key macroeconomic variable data points on the estimate of allowance for credit losses. Impact to estimated allowance for credit losses from an increased or higher input value Baa Credit Spread Increases Dow Jones Total Stock Market Index Decreases CRE Price Index Decreases Holding all other inputs constant, the following table provides a sensitivity analysis for the commercial and commercial real estate portfolios based on a 20 basis point change in Baa credit spreads from the assumption utilized in the estimate of that portfolio’s allowance for credit losses at June 30, 2025: Baa Credit Spread Narrows Widens Commercial Decreases estimate by 10%-15% Increases estimate by 10%-15% Commercial Real Estate: Construction Decreases estimate by 15%-20% Increases estimate by 15%-20% Non-Construction Decreases estimate by 5%-6% Increases estimate by 5%-6% Holding all other inputs constant, the following table provides a sensitivity analysis for the commercial portfolio based on a 10% change in the Dow Jones Total Stock Market Index from the assumption utilized in the estimate of that portfolio’s allowance for credit losses at June 30, 2025: Dow Jones Total Stock Market Index Increases Decreases Commercial Decreases estimate by 5%-10% Increases estimate by 5%-10% 53 Table of Contents Holding all other inputs constant, the following table provides a sensitivity analysis for the commercial real estate construction and non-construction portfolios based on a 10% change in CREPI from the assumption utilized in the estimate of that portfolio’s allowance for credit losses at June 30, 2025: CRE Price Index Increases Decreases Commercial Real Estate: Construction Decreases estimate by 30%-35% Increases estimate by 140%-145% Non-Construction Decreases estimate by 25%-30% Increases estimate by 40%-45% See Note (7) “Allowance for Credit Losses” to the Consolidated Financial Statements in Item 1 of this report and the section titled “Credit Quality” in Item 2 of this report for a description of the methodology used to determine the allowance for credit losses. For a more detailed discussion on these critical accounting estimates, see “Summary of Critical Accounting Estimates” beginning on page 57 of the 2024 Form 10-K. Net Income Net income for the quarter ended June 30, 2025 totaled $195.5 million, an increase of $43.1 million, or 28%, compared to the quarter ended June 30, 2024. On a per share basis, net income for the second quarter of 2025 totaled $2.78 per diluted common share compared to $2.32 for the second quarter of 2024. The increase in net income for the second quarter of 2025 as compared to the same period in the prior year is primarily attributable to increased net interest income and a lower provision for credit losses, partially offset by increased non-interest expense primarily due to increases in employees related to the growth of the Company, increased software and equipment expenses and amortization of intangible assets and other acquisition-related expenses that were not applicable in the same period in the prior year. See “Net Interest Income,” “Non-interest Income,” “Non-interest Expense” and “Credit Quality” for further detail. Net Interest Income The primary source of the Company’s revenue is net interest income. Net interest income is the difference between interest income and fees on earning assets, such as loans and securities, and interest expense on the liabilities to fund those assets, including interest-bearing deposits and other borrowings. The amount of net interest income is affected by both changes in the level of interest rates, and the amount and composition of earning assets and interest bearing liabilities. 54 Table of Contents Quarter Ended June 30, 2025 compared to the Quarters Ended March 31, 2025 and June 30, 2024 The following table presents a summary of the Company’s average balances, net interest income and related net interest margins, including a calculation on a fully taxable-equivalent basis, for the second quarter of 2025 as compared to the first quarter of 2025 (sequential quarters) and second quarter of 2024 (linked quarters): Average Balance for three months ended, Interest for three months ended, Yield/Rate for three months ended, (Dollars in thousands) Jun 30, 2025 Mar 31, 2025 Jun 30, 2024 Jun 30, 2025 Mar 31, 2025 Jun 30, 2024 Jun 30, 2025 Mar 31, 2025 Jun 30, 2024 Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1) $ 3,308,199 $ 3,520,048 $ 1,485,481 $ 34,593 $ 36,945 $ 19,748 4.19 % 4.26 % 5.35 % Investment securities (2) 8,801,560 8,409,735 8,203,764 78,733 72,706 70,346 3.59 3.51 3.45 FHLB and FRB stock 282,001 281,702 253,614 5,393 5,307 4,974 7.67 7.64 7.89 Liquidity management assets (3) (8) $ 12,391,760 $ 12,211,485 $ 9,942,859 $ 118,719 $ 114,958 $ 95,068 3.84 % 3.82 % 3.85 % Other earning assets (3) (4) (8) — 13,140 15,257 — 92 235 — 2.84 6.23 Mortgage loans held-for-sale 310,534 286,710 347,236 4,872 4,246 5,434 6.29 6.01 6.29 Loans, net of unearned income (3) (5) (8) 49,517,635 47,833,380 43,819,354 800,197 770,568 752,117 6.48 6.53 6.90 Total earning assets (8) $ 62,219,929 $ 60,344,715 $ 54,124,706 $ 923,788 $ 889,864 $ 852,854 5.96 % 5.98 % 6.34 % Allowance for loan and investment security losses (398,685) (375,371) (360,504) Cash and due from banks 478,707 476,423 434,916 Other assets 3,540,394 3,661,275 3,294,066 Total assets $ 65,840,345 $ 64,107,042 $ 57,493,184 NOW and interest-bearing demand deposits $ 6,423,050 $ 6,046,189 $ 4,985,306 $ 37,517 $ 33,600 $ 32,719 2.34 % 2.25 % 2.64 % Wealth management deposits 1,552,989 1,574,480 1,531,865 8,182 8,606 10,294 2.11 2.22 2.70 Money market accounts 18,184,754 17,581,141 15,272,126 155,890 146,374 155,100 3.44 3.38 4.08 Savings accounts 6,578,698 6,479,444 5,878,844 37,637 35,923 41,063 2.29 2.25 2.81 Time deposits 9,841,702 9,406,126 8,546,172 94,244 95,730 96,527 3.84 4.13 4.54 Interest-bearing deposits $ 42,581,193 $ 41,087,380 $ 36,214,313 $ 333,470 $ 320,233 $ 335,703 3.14 % 3.16 % 3.73 % Federal Home Loan Bank advances 3,151,310 3,151,309 3,096,920 25,724 25,441 24,797 3.27 3.27 3.22 Other borrowings 593,657 582,139 587,262 6,957 6,792 8,700 4.70 4.73 5.96 Subordinated notes 298,398 298,306 410,331 3,735 3,714 5,185 5.02 5.05 5.08 Junior subordinated debentures 253,566 253,566 253,566 4,328 4,311 4,984 6.85 6.90 7.91 Total interest-bearing liabilities $ 46,878,124 $ 45,372,700 $ 40,562,392 $ 374,214 $ 360,491 $ 379,369 3.20 % 3.22 % 3.76 % Non-interest-bearing deposits 10,643,798 10,732,156 9,879,134 Other liabilities 1,456,383 1,541,245 1,601,485 Equity 6,862,040 6,460,941 5,450,173 Total liabilities and shareholders’ equity $ 65,840,345 $ 64,107,042 $ 57,493,184 Interest rate spread (6) (8) 2.76 % 2.76 % 2.58 % Less: Fully taxable-equivalent adjustment (2,880) (2,899) (2,875) (0.02) (0.02) (0.02) Net free funds/contribution (7) $ 15,341,805 $ 14,972,015 $ 13,562,314 0.78 0.80 0.94 Net interest income/margin (GAAP) (8) $ 546,694 $ 526,474 $ 470,610 3.52 % 3.54 % 3.50 % Fully taxable-equivalent adjustment 2,880 2,899 2,875 0.02 0.02 0.02 Net interest income/margin, fully taxable-equivalent (non-GAAP) (8) $ 549,574 $ 529,373 $ 473,485 3.54 % 3.56 % 3.52 % (1) Includes interest-bearing deposits with banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less. (2) Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets. (3) Interest income on tax-advantaged loans, trading securities and investment securities reflects a tax-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period. The total adjustments for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024 were $2.9 million, $2.9 million and $2.9 million, respectively. (4) Other earning assets include brokerage customer receivables and trading account securities. (5) Loans, net of unearned income, include nonaccrual loans. (6) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities. (7) Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities. (8) See “Supplemental Non-GAAP Financial Measures/Ratios” for additional information on this performance measure/ratio. 55 Table of Contents For the second quarter of 2025, net interest income totaled $546.7 million, an increase of $20.2 million as compared to the first quarter of 2025, and an increase of $76.1 million as compared to the second quarter of 2024. Net interest margin was 3.52% (3.54% on a FTE basis, non-GAAP) during the second quarter of 2025 compared to 3.54% (3.56% on a FTE basis, non-GAAP) during the first quarter of 2025, and 3.50% (3.52% on a FTE basis, non-GAAP) during the second quarter of 2024. The following table presents a summary of the Company’s net interest income and related net interest margin, including a calculation on a fully taxable-equivalent basis, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024: Average Balance for six months ended, Interest for six months ended, Yield/Rate for six months ended, (Dollars in thousands) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1) $ 3,413,538 $ 1,369,906 $ 71,538 $ 36,425 4.23 % 5.35 % Investment securities (2) 8,606,730 8,276,780 151,439 140,574 3.55 3.42 FHLB and FRB stock 281,853 242,131 10,700 9,452 7.66 7.85 Liquidity management assets (3) (8) $ 12,302,121 $ 9,888,817 $ 233,677 $ 186,451 3.83 % 3.79 % Other earning assets (3) (4) (8) 6,533 15,169 92 433 2.84 5.74 Mortgage loans held-for-sale 298,688 318,756 9,118 9,580 6.16 6.04 Loans, net of unearned income (3) (5) (8) 48,680,160 42,974,623 1,570,765 1,464,704 6.51 6.85 Total earning assets (8) $ 61,287,502 $ 53,197,365 $ 1,813,652 $ 1,661,168 5.97 % 6.28 % Allowance for loan and investment security losses (387,092) (361,119) Cash and due from banks 477,571 442,591 Other assets 3,600,500 3,269,102 Total assets $ 64,978,481 $ 56,547,939 NOW and interest-bearing demand deposits $ 6,235,661 $ 5,332,786 $ 71,117 $ 67,615 2.30 % 2.55 % Wealth management deposits 1,563,675 1,521,034 16,788 20,755 2.17 2.74 Money market accounts 17,884,615 14,873,309 302,264 293,084 3.41 3.96 Savings accounts 6,529,345 5,835,481 73,560 80,134 2.27 2.76 Time deposits 9,625,117 7,847,314 189,974 173,647 3.98 4.45 Interest-bearing deposits $ 41,838,413 $ 35,409,924 $ 653,703 $ 635,235 3.15 % 3.61 % Federal Home Loan Bank advances 3,151,310 2,912,884 51,165 46,845 3.27 3.23 Other borrowings 587,930 607,487 13,749 17,948 4.72 5.94 Subordinated notes 298,353 424,112 7,449 10,672 5.04 5.06 Junior subordinated debentures 253,566 253,566 8,639 9,988 6.87 7.92 Total interest-bearing liabilities $ 46,129,572 $ 39,607,973 $ 734,705 $ 720,688 3.21 % 3.66 % Non-interest-bearing deposits 10,687,733 9,925,890 Other liabilities 1,498,578 1,568,761 Equity 6,662,598 5,445,315 Total liabilities and shareholders’ equity $ 64,978,481 $ 56,547,939 Interest rate spread (6) (8) 2.76 % 2.62 % Less: Fully taxable-equivalent adjustment (5,779) (5,676) (0.02) (0.03) Net free funds/contribution (7) $ 15,157,930 $ 13,589,392 0.79 0.94 Net interest income/margin (GAAP) (8) $ 1,073,168 $ 934,804 3.53 % 3.53 % Fully taxable-equivalent adjustment 5,779 5,676 0.02 0.03 Net interest income/margin, fully taxable-equivalent (non-GAAP) (8) $ 1,078,947 $ 940,480 3.55 % 3.56 % (1) Includes interest-bearing deposits with banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less. (2) Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets. (3) Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on a marginal federal corporate tax rate in effect as of the applicable period. The total adjustments for the six months ended June 30, 2025 and June 30, 2024 were $5.8 million and $5.7 million, respectively. (4) Other earning assets include brokerage customer receivables and trading account securities. (5) Loans, net of unearned income, include nonaccrual loans. (6) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities. (7) Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities. (8) See “Supplemental Non-GAAP Financial Measures/Ratios” for additional information on this performance ratio. 56 Table of Contents Analysis of Changes in Net Interest Income on a FTE basis (non-GAAP) The following table presents an analysis of the changes in the Company’s net interest income on a FTE basis (non-GAAP) comparing the three month ended June 30, 2025 to each of the three month periods ended March 31, 2025 and June 30, 2024 and six month periods ended June 30, 2025 and 2024. The reconciliations set forth the changes in the net interest income on a FTE basis (non-GAAP) as a result of changes in volumes, changes in rates and differing number of days in each period: Second Quarter of 2025 Compared to First Quarter of 2025 Second Quarter of 2025 Compared to Second Quarter of 2024 First Six Months of 2025 Compared to First Six Months of 2024 (In thousands) Net interest income, FTE basis (non-GAAP) (1) for comparative period $ 529,373 $ 473,485 $ 940,480 Change due to mix and growth of earning assets and interest-bearing liabilities (volume) 15,198 68,533 133,965 Change due to interest rate fluctuations (rate) (814) 7,556 9,698 Change due to number of days in each period 5,817 — (5,196) Less: FTE adjustment (2,880) (2,880) (5,779) Net interest income (GAAP) (1) for the period ended June 30, 2025 $ 546,694 $ 546,694 $ 1,073,168 FTE adjustment 2,880 2,880 5,779 Net interest income, FTE basis (non-GAAP) (1) $ 549,574 $ 549,574 $ 1,078,947 (1) See “Supplemental Non-GAAP Financial Measures/Ratios” for additional information on this performance measure/ratio. Non-interest Income The following table presents non-interest income by category for the periods presented: Three Months Ended $ Change % Change (Dollars in thousands) June 30, 2025 June 30, 2024 Brokerage $ 4,212 $ 5,588 $ (1,376) (25) % Trust and asset management 32,609 29,825 2,784 9 Total wealth management (1) 36,821 35,413 1,408 4 Mortgage banking 23,170 29,124 (5,954) (20) Service charges on deposit accounts 19,502 15,546 3,956 25 Gains (losses) on investment securities, net 650 (4,282) 4,932 NM Fees from covered call options 5,624 2,056 3,568 NM Trading gains, net 151 70 81 NM Operating lease income, net 15,166 13,938 1,228 9 Other: Interest rate swap fees 3,010 3,392 (382) (11) BOLI 2,257 1,351 906 67 Administrative services 1,315 1,322 (7) (1) Foreign currency remeasurement gains (losses) 658 (145) 803 NM Changes in fair value on EBOs and loans held-for-investment 172 604 (432) (72) Early pay-offs of capital leases 400 393 7 2 Miscellaneous 15,193 22,365 (7,172) (32) Total Other 23,005 29,282 (6,277) (21) Total Non-interest Income $ 124,089 $ 121,147 $ 2,942 2 % (1) Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company, N.A. (“WPTC”) and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by CDEC. NM—Not Meaningful. 57 Table of Contents Six Months Ended $ Change % Change (Dollars in thousands) June 30, 2025 June 30, 2024 Brokerage $ 8,969 $ 11,144 $ (2,175) (20) % Trust and asset management 61,894 59,084 2,810 5 Total wealth management (1) 70,863 70,228 635 1 Mortgage banking 43,699 56,787 (13,088) (23) Service charges on deposit accounts 38,864 30,357 8,507 28 Gains (losses) on investment securities, net 3,846 (2,956) 6,802 NM Fees from covered call options 9,070 6,903 2,167 31 Trading gains, net 87 747 (660) (88) Operating lease income, net 30,453 28,048 2,405 9 Other: Interest rate swap fees 5,279 6,220 (941) (15) BOLI 3,053 3,002 51 2 Administrative services 2,708 2,539 169 7 Foreign currency remeasurement gains (losses) 475 (1,316) 1,791 NM Changes in fair value on EBOs and loans held-for-investment 555 165 390 NM Early pay-offs of capital leases 1,168 823 345 42 Miscellaneous 30,603 60,180 (29,577) (49) Total Other 43,841 71,613 (27,772) (39) Total Non-interest Income $ 240,723 $ 261,727 $ (21,004) (8) % (1) Wealth management revenue is comprised of the trust and asset management revenue of the WPTC and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by CDEC. NM—Not Meaningful. Notable contributions to the change in non-interest income are as follows: Mortgage banking revenue decreased for the three months ended June 30, 2025 as compared to the same period in 2024 due to lower production of loans originated for sale and net revenue related to MSR activity and valuation adjustments. On a year-to-date basis, mortgage banking revenue decreased for the six months ended June 30, 2025 as compared to the same period in 2024 as a result of lower production margins and net revenue related to lower MSR activity and valuation adjustments. Mortgage banking revenue includes revenue from activities related to originating, selling and servicing residential real estate loans for the secondary market. A main factor in the mortgage banking revenue recognized by the Company is the volume of mortgage loans originated or purchased for sale and the related production margins. Mortgage loans originated for sale totaled $681.5 million in the second quarter of 2025 as compared to $722.2 million in the second quarter of 2024. On a year-to-date basis, mortgage loans originated for sale totaled $1.1 billion for the six months ended June 30, 2025 as compared to $1.2 billion for six months ended June 30, 2024. The slight decrease in linked quarter originations was driven by a slight uptick in rates offset by slightly higher inventory levels. The percentage of origination volume from refinancing activities was 26% and 25% for the three and six months ended June 30, 2025, as compared to 17% and 20%, for the same periods in 2024, respectively. The Company records MSRs at fair value on a recurring basis. For the three months ended June 30, 2025, the fair value of the MSRs portfolio decreased as a result of an unfavorable fair value adjustment of $4.0 million and a reduction in value of $5.6 million due to payoffs, paydowns and repurchases of the existing portfolio, partially offset as r etained servicing rights led to capitalization of $6.3 million. For the six months ended June 30, 2025, the fair value of the MSRs portfolio decreased due to an unfavorable fair value adjustment of $11.5 million as well as a reduction in value of $10.3 million due to payoffs and paydowns of the existing portfolio partially offset by retained servicing rights led to capitalization of $11.0 million. See Note (9) “Mortgage Servicing Rights (“MSRs”)” to the Consolidated Financial Statements in Item 1 of this report for a summary of the changes in the carrying value of MSRs. Mortgage banking revenue is also impacted by changes in the fair value of derivative contracts held to economically hedge a portion of the fair value adjustments related to the Company’s MSRs portfolio. The change in fair value of the derivative contracts held as an economic hedge was a favorable $2.5 million and $7.4 million for the three and six months ended June 30, 2025 compared to an unfavorable $772,000 and $3.3 million for the three and six months ended June 30, 2024. 58 Table of Contents Service charges on deposits increased for the three and six months ended June 30, 2025 as compared to the same periods in 2024 primarily as a result of increased commercial account analysis service fees, and the Macatawa acquisition. Service charges on deposit accounts include fees charged to deposit customers for various services, including account analysis services, and are based on factors such as the size and type of customer, type of product and number of transactions. The fees are based on a standard schedule of fees and, depending on the nature of the service performed, the service is performed at a point in time or over a period of a month. The Company recognized net gains on investment securities for the three and six months ended June 30, 2025 of $650,000 and $3.8 million, respectively. The Company recognized net losses on investment securities for the three and six months ended June 30, 2024 of $4.3 million and $3.0 million, respectively. The net gains for the three and six months ended June 30, 2025 were primarily due to unrealized gains on the Company’s equity investment securities with a readily determinable fair value recorded in the first and second quarter of 2025. See Note (5) “Investment Securities” to the Consolidated Financial Statements in Item 1 of this report for more information on net gains and losses on investment securities. Fees from covered call options for the three and six months ended June 30, 2025 increased $3.6 million and $2.2 million, respectively, when compared to the same periods in the prior year. The increased income was primarily because the Company sold more options than in the comparative periods. The Company has typically written call options with terms of less than three months against certain U.S. Treasury and agency securities held in its portfolio for liquidity and other purposes. Management has effectively entered into these transactions with the goal of economically hedging security positions and enhancing its overall return on its investment portfolio. These option transactions are designed to increase the total return associated with holding certain investment securities and do not qualify as hedges pursuant to accounting guidance. There were no outstanding call option contracts at June 30, 2025 and 2024. Miscellaneous non-interest income includes loan servicing fees, income from other investments, and other fees. This category of income decreased $7.2 million and $29.6 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024. For the three months ended June 30, 2025, miscellaneous income decreased compared to the same period in 2024 primarily due to a $4.6 million gain recognized in the second quarter of 2024 on the sale of premium finance receivables. For the six months ended June 30, 2025, miscellaneous income decreased compared to the same period in 2024 primarily due to a $20.0 million gain recognized in the first quarter of 2024 related to the sale of the Company’s Retirement Benefits Advisors (“RBA”) division within its wealth management business. 59 Table of Contents The table below presents additional selected information regarding mortgage banking for the respective periods. Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Originations: Retail originations $ 523,759 $ 544,394 $ 872,227 $ 875,898 Veterans First originations 157,787 177,792 269,772 321,901 Total originations for sale (A) $ 681,546 $ 722,186 $ 1,141,999 $ 1,197,799 Originations for investment 422,926 275,331 640,103 444,577 Total originations $ 1,104,472 $ 997,517 $ 1,782,102 $ 1,642,376 As percentage of originations for sale: Retail originations 77 % 75 % 76 % 73 % Veterans First originations 23 25 24 27 Purchases 74 % 83 % 75 % 80 % Refinances 26 17 25 20 Production Margin: Production revenue (B) (1) $ 13,380 $ 14,990 $ 23,321 $ 28,425 Total originations for sale (A) $ 681,546 $ 722,186 $ 1,141,999 $ 1,197,799 Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2) 163,664 222,738 163,664 222,738 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2) 197,297 207,775 103,946 119,624 Total mortgage production volume (C) $ 647,913 $ 737,149 $ 1,201,717 $ 1,300,913 Production margin (B/C) 2.07 % 2.03 % 1.94 % 2.19 % Mortgage Servicing: Loans serviced for others (D) $ 12,470,924 $ 12,211,027 MSRs, at fair value (E) 193,061 204,610 Percentage of MSRs to loans serviced for others (E/D) 1.55 % 1.68 % Servicing income $ 10,520 $ 10,586 $ 21,131 $ 21,084 MSR Fair Value Asset Activity MSR - FV at Beginning of Period $ 196,307 $ 201,044 $ 203,788 $ 192,456 MSR - current period capitalization 6,336 8,223 11,005 13,602 MSR - collection of expected cash flows - paydowns (1,516) (1,504) (3,106) (2,948) MSR - collection of expected cash flows - payoffs and repurchases (4,100) (4,030) (7,146) (6,972) MSR - changes in fair value model assumptions (3,966) 877 (11,480) 8,472 MSR Fair Value at end of period $ 193,061 $ 204,610 $ 193,061 $ 204,610 Summary of Mortgage Banking Revenue Operational: Production revenue (1) $ 13,380 $ 14,990 $ 23,321 $ 28,425 MSR - Current period capitalization 6,336 8,223 11,005 13,602 MSR - Collection of expected cash flows - paydowns (1,516) (1,504) (3,106) (2,948) MSR - Collection of expected cash flows - pay offs (4,100) (4,030) (7,146) (6,972) Servicing Income 10,520 10,586 21,131 21,084 Other Revenue (79) 112 (251) 21 Total operational mortgage banking revenue $ 24,541 $ 28,377 $ 44,954 $ 53,212 Fair Value: MSR - changes in fair value model assumptions $ (3,966) $ 877 $ (11,480) $ 8,472 Gain (loss) on derivative contract held as an economic hedge, net 2,535 (772) 7,432 (3,349) Changes in FV on early buy-out loans guaranteed by US Govt (HFS) 60 642 2,793 (1,548) Total fair value mortgage banking revenue $ (1,371) $ 747 $ (1,255) $ 3,575 Total mortgage banking revenue $ 23,170 $ 29,124 $ 43,699 $ 56,787 (1) Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue. (2) Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund. 60 Table of Contents Non-interest Expense The following table presents non-interest expense by category for the periods presented: Three Months Ended $ Change % Change (Dollars in thousands) June 30, 2025 June 30, 2024 Salaries and employee benefits: Salaries $ 123,174 $ 113,860 $ 9,314 8 % Commissions and incentive compensation 55,871 52,151 3,720 7 Benefits 40,496 32,530 7,966 24 Total salaries and employee benefits 219,541 198,541 21,000 11 Software and equipment 36,522 29,231 7,291 25 Operating lease equipment 10,757 10,834 (77) (1) Occupancy, net 20,228 19,585 643 3 Data processing 12,110 9,503 2,607 27 Advertising and marketing 18,761 17,436 1,325 8 Professional fees 9,243 9,967 (724) (7) Amortization of other acquisition-related intangible assets 5,580 1,122 4,458 NM FDIC insurance 10,971 10,429 542 5 OREO expense, net 505 (259) 764 NM Other: Lending expenses, net of deferred originations costs 4,869 5,335 (466) (9) Travel and entertainment 6,026 5,340 686 13 Miscellaneous 26,348 23,289 3,059 13 Total other 37,243 33,964 3,279 10 Total Non-interest Expense $ 381,461 $ 340,353 $ 41,108 12 % NM - Not meaningful. Six Months Ended $ Change % Change (Dollars in thousands) June 30, 2025 June 30, 2024 Salaries and employee benefits: Salaries $ 247,091 $ 226,032 $ 21,059 9 % Commissions and incentive compensation 108,407 103,152 5,255 5 Benefits 75,569 64,530 11,039 17 Total salaries and employee benefits 431,067 393,714 37,353 9 Software and equipment 71,239 56,962 14,277 25 Operating lease equipment 21,228 21,517 (289) (1) Occupancy, net 41,006 38,671 2,335 6 Data processing 23,384 18,795 4,589 24 Advertising and marketing 31,033 30,476 557 2 Professional fees 18,287 19,520 (1,233) (6) Amortization of other acquisition-related intangible assets 11,198 2,280 8,918 NM FDIC insurance 21,897 19,810 2,087 11 FDIC insurance - special assessment — 5,156 (5,156) (100) OREO expense, net 1,148 133 1,015 NM Other: Lending expenses, net of deferred originations costs 10,735 10,413 322 3 Travel and entertainment 11,296 9,937 1,359 14 Miscellaneous 54,033 46,114 7,919 17 Total other 76,064 66,464 9,600 14 Total Non-interest Expense $ 747,551 $ 673,498 $ 74,053 11 % NM - Not meaningful. Notable contributions to the change in non-interest expense are as follows: 61 Table of Contents Salaries and employee benefits expense increased for the three and six months ended June 30, 2025 as compared to the same periods in 2024. The increase was primarily due to annual merit increases and increases in employees related to the growth of the Company, including the Macatawa acquisition. Software and equipment expense increased for the three and six months ended June 30, 2025 as compared to the same periods in 2024 as a result of higher software license fees as well as higher computer and software depreciation expense as the Company invests in enhancements to the digital customer experience, upgrades to infrastructure and enhancements to information security capabilities. Software and equipment expense includes furniture, equipment and computer software, depreciation, and repairs and maintenance costs. Amortization of other acquisition-related intangible assets increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 as a result of amortization of the core deposit intangible asset associated with the Macatawa acquisition. FDIC insurance expense decreased for the six months ended June 30, 2025 compared to the same period in 2024. On a year-to-date basis, the decrease is primarily due to $5.2 million recognized in March 31, 2024 related to the FDIC’s special assessment on uninsured deposits in response to certain bank failures that occurred in 2023. Miscellaneous non-interest expense includes ATM expenses, correspondent bank charges, directors’ fees, telephone, postage, corporate insurance, dues and subscriptions, problem loan expenses and other miscellaneous operational losses and costs. During the three and six months ended June 30, 2025, the company incurred $2.9 million and $5.6 million in acquisition-related expenses related to the Macatawa acquisition. Income Taxes The Company recorded income tax expense of $71.6 million in the second quarter of 2025 compared to $59.0 million in the second quarter 2024. The effective tax rates were 26.79% in the second quarter 2025 compared to 27.90% in the second quarter of 2024. During the first six months of 2025, the Company recorded income tax expense of $135.6 million compared to $121.6 million for the first six months of 2024. The effective tax rates wer e 26.07% for the first six months of 2025 and 26.36% for the first six months of 2024. The effective tax rates we re impacted by an overall higher level of state income tax expense in the prior comparable periods. Income tax expense was also partially impacted by the tax effects related to share-based compensation which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other shared-based awards. The Company recorded net excess tax benefits of $3.7 million in the first six months of 2025, compared to net excess tax benefits of $4.4 million in the first six months of 2024 related to share-based compensation, most of which was recorded in the first quarter for each year. Operating Segment Results The Company’s operations consist of three primary segments: community banking, specialty finance and wealth management. Refer to Note (13) “Segment Information” to the Consolidated Financial Statements in Item 1 of this report for further information on the Company’s primary segments. The Company’s profitability is primarily dependent on the net interest income, provision for credit losses, non-interest income and operating expenses of its community banking segment. The community banking segment’s net interest income for the quarter ended June 30, 2025 totaled $436.7 million as compared to $358.8 million for the same period in 2024, an increase of $77.8 million, or 22%. On a year-to-date basis, net interest income for the segment increased by $133.2 million from $722.5 million for the six months ended June 30, 2024 to $855.7 million for the six months ended June 30, 2025 . The increase in the three and six month periods was primarily attributable to growth in average earning assets coupled with a relatively stable net interest margin . The community banking segment’s non-interest income totaled $75.5 million in the second quarter of 2025, an increase of $3.9 million , or 5% , when compared to the second quarter of 2024 total of $71.6 million . On a year-to-date basis, non-interest income totaled $149.0 million for the six months ended June 30, 2025 , an increase of $2.7 million , or 2% , compared to $146.3 million for the six months ended June 30, 2024. The increase in the three and six month periods, was primarily the result of an increase on gains recognized on investment securities and increased service charges on deposit accounts, partially offset by decreased mortgage banking revenue due to the decreases in MSRs related to the change in fair value model assumptions. The community banking segment recorded provision for credit losses of $20.5 million and $42.9 million, respectively, for the three and six months ended June 30, 2025, compared to $36.3 million and $56.7 million, respectively, for the same periods in 2024. The decrease in provision for credit losses for the three and six month periods was primarily the result of improvement in the forecast for key macroeconomic variables, most notably Baa corporate credit spread and Commercial Real Estate Price Index. Non-interest expenses increased by $35.8 million 62 Table of Contents and $68.7 million, respectively, for the three and six months, ended June 30, 2025 compared to the same periods in 2024, primarily because of higher salary, commissions, and incentive compensation along with other segment expenses. The community banking segment’s net income for the quarter ended June 30, 2025 totaled $139.1 million, an increase of $47.9 million as compared to net income in the second quarter of 2024 of $91.2 million. On a year-to-date basis, the net income of the community banking segment for the six months ended June 30, 2025 totaled $273.4 million as compared to $211.3 million for the six months ended June 30, 2024. The specialty finance segment’s net interest income totaled $92.3 million for the quarter ended June 30, 2025, compared to $95.2 million for the same period in 2024, a decrease of $2.9 million, or 3%. The decrease for the three month period was primarily due to a decline in yields on the premium finance receivable loan portfolio. On a year-to-date basis, net interest income for the segment increased $6.1 million, or 3%, compared to the same period in 2024.The increase for the six month period was primarily due to loan growth. The specialty finance segment’s provision for credit losses totaled $1.8 million and $3.3 million, respectively, for the three and six months ended June 30, 2025 compared to $3.7 million and $5.0 million, respectively, for the same periods in 2024 . The decrease in provision for credit losses for the three and six month periods was primarily the result of improvement in credit quality within premium finance receivables and to a lesser extent improvement in the forecast for the key macroeconomic variable Baa corporate credit spread, impacting lease financing. The specialty finance segment’s non-interest income increased to $33.5 million from $32.3 million for the three months ended June 30, 2025 and 2024, respectively, and stood at $64.6 million and $59.6 million for the six months ended June 30, 2025 and 2024, respectively. Non-interest expenses increased by $5.4 million and $8.1 million, respectively, for the three and six months, ended June 30, 2025 compared to the same periods in 2024, primarily because of higher employee benefits, commissions, and incentive compensation as well as other segment expenses. Our property and casualty insurance premium finance operations, life insurance finance operations, lease financing operations and accounts receivable finance operations accounted for 47%, 30%, 21% and 2%, respectively, of the net revenues of our specialty finance business for the six month period ended June 30, 2025. The net income of the specialty finance segment for the quarter ended June 30, 2025 totaled $48.8 million as compared to $53.1 million for the quarter ended June 30, 2024. On a year-to-date basis, the net income of the specialty finance segment for the six months ended June 30, 2025 totaled $99.1 million as compared to $95.6 million for the six months ended June 30, 2024. The wealth management segment reported net interest income of $4.8 million for the second quarter of 2025 compared to $7.9 million in the same quarter of 2024, a decrease of $3.1 million. On a year-to-date basis, net interest income totaled $10.2 million for the first six months of 2025, as compared to $15.7 million for the first six months of 2024. Net interest income for this segment is primarily comprised of an allocation of the net interest income earned by the community banking segment on non-interest-bearing and interest-bearing wealth management customer account balances on deposit at the banks. Wealth management customer account balances on deposit at the banks averaged $1.1 billion and $1.5 billion in the first six months of 2025 and 2024, respectively. This segment recorded non-interest income of $39.5 million for the second quarter of 2025 compared to $35.6 million for the second quarter of 2024. The increase in the three month period was primarily due to higher wealth management revenue driven by an increase in asset valuations. On a year-to-date basis, this segment recorded non-interest income of $73.3 million for the first six months of 2025 as compared to $94.1 million for the first six months of 2024. The decrease in the six month period was primarily due a $20.0 million gain recognized in the first quarter of 2024 related to the sale of the Company’s RBA division within its wealth management business. Non-interest expenses increased by $1.8 million for the second quarter of 2025 compared to the same period in 2024, primarily because of higher salary, commissions and incentive compensation as well as other segment expenses. On a year-to-date basis, non-interest expense increased by $690,000 for the six month period ended June 30, 2025 compared to the same period in 2024, primarily due to other segment expenses. Distribution of wealth management services through each bank continues to be a focus of the Company. The Company is committed to growing the wealth management segment in order to better service its customers and create a more diversified revenue stream. The wealth management segment’s net income totaled $7.6 million for the second quarter of 2025 compared to $8.1 million for the second quarter of 2024. On a year-to-date basis, the wealth management segment’s net income totaled $12.1 million and $32.8 million for the six month period ended June 30, 2025, and 2024, respectively. Financial Condition Total assets were $69.0 billion at June 30, 2025, representing an increase of $9.2 billion, or 15%, when compared to June 30, 2024 and an increase of approximately $3.1 billion, or 19% on an annualized basis, when compared to March 31, 2025. Total funding, which includes deposits, all notes and advances, including secured borrowings and the junior subordinated debentures, was $60.1 billion at June 30, 2025, $57.8 billion at March 31, 2025, and $52.4 billion at June 30, 2024. See Notes (5), (6), (10), (11) and (12) of the Consolidated Financial Statements presented under Item 1 of this report for additional period-end detail on the Company’s interest-earning assets and funding liabilities. 63 Table of Contents Interest-Earning Assets The following table sets forth, by category, the composition of average earning asset balances and the relative percentage of total average earning assets for the periods presented: Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (Dollars in thousands) Balance Percent Balance Percent Balance Percent Mortgage loans held-for-sale $ 310,534 0 % $ 286,710 1 % $ 347,236 1 % Loans, net of unearned income Commercial $ 15,909,323 26 % $ 15,363,740 25 % $ 13,729,524 25 % Commercial real estate 13,095,845 21 12,931,000 21 11,810,525 22 Home equity 459,033 1 449,095 1 348,306 1 Residential real estate 3,700,917 6 3,542,189 6 2,893,829 5 Premium finance receivables—property & casualty 7,762,161 12 7,192,332 12 7,076,053 13 Premium finance receivables—life insurance 8,455,443 14 8,248,690 14 7,880,205 15 Other loans 134,913 0 106,334 0 80,912 0 Total average loans (1) $ 49,517,635 80 % $ 47,833,380 79 % $ 43,819,354 81 % Liquidity management assets (2) 12,391,760 20 12,211,485 20 9,942,859 18 Other earning assets (3) — 0 13,140 0 15,257 0 Total average earning assets $ 62,219,929 100 % $ 60,344,715 100 % $ 54,124,706 100 % Total average assets $ 65,840,345 $ 64,107,042 $ 57,493,184 Total average earning assets to total average assets 95 % 94 % 94 % (1) Total average loans includes nonaccrual loans. (2) Liquidity management assets include investment securities, other securities, interest earning deposits with banks, federal funds sold and securities purchased under resale agreements. (3) Other earning assets include brokerage customer receivables and trading account securities. Mortgage loans held-for-sale. Mortgage loans held-for-sale represents such loans awaiting subsequent sale in the secondary market with such sales eliminating the interest-rate risk associated with these loans, as they are predominantly long-term fixed rate loans, and provide a source of non-interest revenue. The increase in the average balance for the second quarter of 2025 as compared to the sequential period is primarily due to higher mortgage origination production, but decreased compared to the prior year period due to lower mortgage origination production. Loans, net of unearned income. Growth realized in the combined commercial and commercial real estate loan categories for the second quarter of 2025 as compared to the sequential and prior year periods is primarily attributable to increased business development efforts. The aggregate balances of these loan categories comprised 59% in the second quarter of 2025 and first quarter of 2025 and 58% of the average loan portfolio in the second quarter of 2024. Residential real estate loans averaged $3.7 billion in the second quarter of 2025, and increased $807.1 million, or 28%, from the average balance of $2.9 billion in the same period of 2024. Additionally, compared to the quarter ended March 31, 2025, the average balance increased $158.7 million, or 18% on an annualized basis. Growth is due to the Company continuing to originate non-agency mortgages that are held-for-investment. The increase in the premium finance receivables during the second quarter of 2025 compared to the second quarter of 2024 was the result of effective marketing and customer servicing. Approximately $6.1 billion of premium finance receivables were originated in the second quarter of 2025 compared to $5.5 billion during the same period of 2024. Premium finance receivables consist of a property and casualty portfolio and a life portfolio comprising approximately 48% and 52%, respectively, of the average total balance of premium finance receivables for the second quarter of 2025, and 47% and 53%, respectively, for the second quarter of 2024. Other loans represent a wide variety of personal and consumer loans to individuals. Consumer loans generally have shorter terms and higher interest rates than mortgage loans but generally involve more credit risk due to the type and nature of the collateral. 64 Table of Contents Liquidity management assets. Funds that are not utilized for loan originations are used to purchase investment securities and short term money market investments, to sell as federal funds and to maintain in interest bearing deposits with banks. The balances of these assets can fluctuate based on management’s ongoing effort to manage liquidity and for asset liability management purposes. The Company will continue to prudently evaluate and utilize liquidity sources as needed, including the management of availability with the FHLB and FRB and utilization of the revolving credit facility with unaffiliated banks. The following table sets forth, by category, the composition of average earning asset balances and the relative percentage of total average earning assets for the periods presented: Six Months Ended June 30, 2025 June 30, 2024 (Dollars in thousands) Balance Percent Balance Percent Mortgage loans held-for-sale $ 298,688 0 % $ 318,756 1 % Loans: Commercial $ 15,638,040 26 % $ 13,316,638 25 % Commercial real estate 13,013,877 21 11,658,787 22 Home equity 454,091 1 346,083 1 Residential real estate 3,621,991 6 2,812,384 5 Premium finance receivables—property & casualty 7,478,821 12 6,915,466 13 Premium finance receivables—life insurance 8,352,638 14 7,844,700 15 Other loans 120,702 0 80,565 0 Total average loans (1) $ 48,680,160 80 % $ 42,974,623 81 % Liquidity management assets (2) 12,302,121 20 9,888,817 18 Other earning assets (3) 6,533 0 15,169 0 Total average earning assets $ 61,287,502 100 % $ 53,197,365 100 % Total average assets $ 64,978,481 $ 56,547,939 Total average earning assets to total average assets 94 % 94 % (1) Total average loans includes nonaccrual loans. (2) Liquidity management assets include investment securities, other securities, interest earning deposits with banks, federal funds sold and securities purchased under resale agreements. (3) Other earning assets include brokerage customer receivables and trading account securities. 65 Table of Contents Maturities and Sensitivities of Loans to Changes in Interest Rates The following table classifies the loan portfolio at June 30, 2025 by date at which the loans reprice or mature, and the type of rate exposure: As of June 30, 2025 One year or less From one to five years From five to fifteen years After fifteen years (In thousands) Total Commercial Fixed rate $ 429,173 $ 3,756,650 $ 2,117,493 $ 14,925 $ 6,318,241 Variable rate 10,068,079 1,111 — — 10,069,190 Total commercial $ 10,497,252 $ 3,757,761 $ 2,117,493 $ 14,925 $ 16,387,431 Commercial real estate Fixed rate $ 712,348 $ 2,732,428 $ 369,615 $ 70,471 $ 3,884,862 Variable rate 9,396,306 10,775 67 — 9,407,148 Total commercial real estate $ 10,108,654 $ 2,743,203 $ 369,682 $ 70,471 $ 13,292,010 Home equity Fixed rate $ 9,626 $ 773 $ — $ 15 $ 10,414 Variable rate 456,401 — — — 456,401 Total home equity $ 466,027 $ 773 $ — $ 15 $ 466,815 Residential real estate Fixed rate $ 15,271 $ 4,318 $ 72,630 $ 1,056,508 $ 1,148,727 Variable rate 108,431 699,875 1,991,749 — 2,800,055 Total residential real estate $ 123,702 $ 704,193 $ 2,064,379 $ 1,056,508 $ 3,948,782 Premium finance receivables - property & casualty Fixed rate $ 8,220,850 $ 102,326 $ — $ — $ 8,323,176 Variable rate — — — — — Total premium finance receivables - property & casualty $ 8,220,850 $ 102,326 $ — $ — $ 8,323,176 Premium finance receivables - life insurance Fixed rate $ 319,732 $ 169,958 $ 4,000 $ — $ 493,690 Variable rate 8,013,270 — — — 8,013,270 Total premium finance receivables - life insurance $ 8,333,002 $ 169,958 $ 4,000 $ — $ 8,506,960 Consumer and other Fixed rate $ 36,771 $ 8,483 $ 1,070 $ 859 $ 47,183 Variable rate 69,322 — — — 69,322 Total consumer and other $ 106,093 $ 8,483 $ 1,070 $ 859 $ 116,505 Total per category Fixed rate $ 9,743,771 $ 6,774,936 $ 2,564,808 $ 1,142,778 $ 20,226,293 Variable rate 28,111,809 711,761 1,991,816 — 30,815,386 Total loans, net of unearned income $ 37,855,580 $ 7,486,697 $ 4,556,624 $ 1,142,778 $ 51,041,679 Less: Existing cash flow hedging derivatives (1) (6,700,000) Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity $ 31,155,580 Variable Rate Loan Pricing by Index: SOFR tenors (2) $ 19,459,501 12- month CMT (3) 6,906,397 Prime 3,243,035 Fed Funds 786,924 Other U.S. Treasury tenors 187,736 Other 231,793 Total variable rate $ 30,815,386 (1) Excludes cash flow hedges with future effective starting dates. (2) SOFR - Secured Overnight Financing Rate. (3) CMT - Constant Maturity Treasury Rate. 66 Table of Contents CREDIT QUALITY Commercial and Commercial Real Estate Loan Portfolios Our commercial and commercial real estate loan portfolios are comprised primarily of lines of credit for working capital purposes and commercial real estate loans. The table below sets forth information regarding the types and amounts of our loans within these portfolios as of June 30, 2025 and 2024: As of June 30, 2025 As of June 30, 2024 Allowance Allowance % of For Credit % of For Credit Total Losses Total Losses (Dollars in thousands) Balance Balance Allocation Balance Balance Allocation Commercial $ 16,387,431 55.2 % $ 194,568 $ 14,154,462 54.2 % $ 181,991 Commercial Real Estate: Construction and development $ 2,529,117 8.5 % $ 75,936 $ 2,260,551 8.7 % $ 93,154 Non-construction 10,762,893 36.3 % 148,422 9,686,646 37.1 130,574 Total commercial real estate $ 13,292,010 44.8 % $ 224,358 $ 11,947,197 45.8 % $ 223,728 Total commercial and commercial real estate $ 29,679,441 100.0 % $ 418,926 $ 26,101,659 100.0 % $ 405,719 Commercial real estate - primary collateral location by state: Illinois $ 7,001,526 52.7 % $ 7,016,665 58.7 % Wisconsin 919,166 6.9 869,574 7.3 Michigan 900,850 6.8 269,745 2.3 Total primary markets $ 8,821,542 66.4 % $ 8,155,984 68.3 % Florida 448,561 3.4 395,168 3.3 Indiana 443,852 3.3 391,477 3.3 Texas 344,293 2.6 263,036 2.2 Georgia 304,166 2.3 214,662 1.8 Colorado 280,191 2.1 258,438 2.2 California 268,561 2.0 255,720 2.1 Tennessee 267,688 2.0 282,113 2.4 Arizona 243,554 1.8 196,955 1.6 Other 1,869,602 14.1 1,533,644 12.8 Total commercial real estate $ 13,292,010 100.0 % $ 11,947,197 100.0 % We make commercial loans for many purposes, including working capital lines, which are generally renewable annually and supported by business assets, personal guarantees and additional collateral. Such loans may vary in size based on customer need. As a result of growth and the macroeconomic uncertainty qualitative overlay in the Company’s commercial loan portfolio, our allowance for credit losses in our commercial loan portfolio increased to $194.6 million as of June 30, 2025 compared to $182.0 million as of June 30, 2024.